Allahabad Bank profit up 29% at Rs 203 cr

The bank's net NPA stood at 3.99 per cent at the end of March 2015, against 4.15 per cent in the end of March 2015

Allahabad Bank on Friday reported a 28.5 per cent increase in net profit at Rs 202.60 crore for the quarter ended March 2015, compared with Rs 157.75 crore in the year-ago period.

The bank’s net non-performing assets (NPA) stood at 3.99 per cent at the end of March, against 4.15 per cent in the year-ago period. The gross NPA remained at 5.46 per cent at the end of March, against 5.73 per cent a year ago. The net interest margin of the bank stood at 2.85 per cent in the quarter under review, compared with 2.67 per cent in the year-ago quarter.

Allahabad Bank’s cost of deposits stood at 6.93 per cent at in the March 2015 quarter, against 7.19 per cent in the corresponding quarter a year ago.

The yield on advances in the March 2015 quarter stood at 7.36 per cent, against 7.51 per cent in the corresponding quarter a year ago.

The bank’s provision coverage ratio at the end of March 2015 stood at 51.50 per cent, against 46.03 per cent in the same quarter a year ago.

The net interest income of the bank increased by nearly 33 per cent to Rs 566 crore in the quarter ended March 2015 on a year-on-year basis over the same period last year.

The bank’s operating profit increased 20.79 per cent to Rs 1,009 crore in the quarter ended March 2015 on a year-on-year basis. The lender’s trading profit saw a 456 per cent rise in the fourth quarter of FY15, at Rs 153 crore.

The lender’s total advances increased by 8.65 per cent, while deposits grew 1.35 per cent in the quarter ending March 2015 on a year-on-year basis over the same quarter last year.

Allahabad Bank’s credit-deposit ratio as on March 2015 stood at 79.60 per cent. The bank's capital adequacy ratio was 10.45 per cent at the end of March 2015.