Allahabad Bank net up 17%

Allahabad Bank today declared a 17 per cent rise in net profit to Rs 541.8 crore in 2004-05 against Rs 463.38 crore in the previous fiscal.

The board has recommended a final dividend of 15 per cent on capital of Rs 446.7 crore, including equity share capital of Rs 100 crore enhanced after March 31, 2005 on account of the public offer, the bank informed the Bombay Stock Exchange.

Operating profit increased 22 per cent to Rs 1072 crore in the period under consideration against Rs 876 crore in the previous period. The bank's total business registered a 31 per cent growth to Rs 15,049 crore against Rs 8915 crore in 2003-04. Gross advances however enhanced 35.17 per cent to Rs 5,764 crore.

Total income at the bank stood at Rs 3840 crore against Rs 3457 crore in the previous year. Interest earned however increased from Rs 3185 crore to Rs 2668 crore in the previous year. Other income on the other hand however declined from Rs 789 crore in 2003-04 to Rs 654 crore in 2004-05.

The bank posted a sharp drop in net profit at Rs 79.31 crore for the quarter ended March 31, 2005 against Rs 221.14 crore in Q4 of 2003-04. Total income declined to Rs 969.14 crore for the reporting quarter against Rs 996.36 crore in Q4 of FY-04, it added.

Allahabad Bank has posted a 14.72 per cent growth in consolidated net profit at Rs 557.36 crore for the year ended March 31, 2005 against Rs 485.82 crore for 2003-04.

Total income during the reporting fiscal increased to Rs 3,840.21 crore as against Rs 3,457.98 crore in FY-04.