The Hindu Business Line : Allahabad Bank posts dip in trading profit

Allahabad Bank has recorded an investment trading profit of Rs 138.95 crore for the year ended March 31, 2006, down from Rs 347.43 crore it posted in the previous fiscal.

The bank, whose investments (gross) stood at Rs 18,315.67 crore in 2005-06 compared to over Rs 19,000 crore in the previous year, has seen a marginal increase in interest earned on investments. The latter went up to Rs 1,488.42 crore from Rs 1,462.1 crore in 2004-05.

Allahabad Bank's deposits and advances (gross) stood at over Rs 48,499 crore and Rs 30,061 crore respectively in 2005-06, a bank press release said. Gross advances increased by 35.7 per cent, while the gross credit to total deposit ratio moved up to 62 per cent, up from 54.3 per cent as at end-March 2005.

The bank, which recorded a business of Rs 78,561 crore as on March 31, 2006, saw its net profit increase from Rs 541.8 crore during 2004-05 to Rs 706.13 crore during 2005-06. Operating profit increased from Rs 933.79 crore to Rs 1,024.15 crore during this period.

During 2005-06, the bank saw its net NPA decline from 1.28 per cent as at end-March 2005 to 0.84 per cent as on March 31, 2006Allahabad Bank hopes to carry forward its proposal of starting an insurance venture in partnership with Indian Overseas Bank, Karnataka Bank and Dabur. Japanese insurance company, Sampo, will be one of the partners.

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