Allahabad Bank H1 net up 110%

BS 200 scorecard

Kolkata-based Allahabad Bank has declared a 110 per cent growth in net profit to Rs 303 crore in the first half (H1) of the current year against Rs 143 crore in the previous corresponding period and expects to cross the Rs 1,000 crore operating profit mark in 2004-05.

The bank declared a Rs 615 crore operating profit for the period against Rs 320 crore in the previous period. It has also targeted 27 per cent business growth at Rs 61,000 crore for the year, while it has achieved Rs 55,330 crore in the period under consideration. Total deposit at the bank stood at Rs 36,002 crore while it advanced Rs 19,327 crore in the first half.

Addressing a press conference to declare the bank's half yearly results, chairman and managing director O N Singh said, "We have achieved a Rs 306 crore treasury profit against Rs 185 crore in the previous year."

The bank's total income stood at Rs 1,958 crore in the same period against Rs 1,607 crore in the previous period. Talking on non-performing assets (NPA), Singh said, "We have achieved a 1.64 per cent NPA against 2.37 per cent as on March 2004."