The Hindu Business Line : Allahabad Bank Q1 net up 56%

Kolkata, July 14 Allahabad Bank has registered a 56.26 per cent growth in net profit at Rs 200.4 crore during the first quarter of 2007-08 from Rs 128.25 crore in the corresponding period last year.

According to Mr A.C. Mahajan, Chairman and Managing Director, the net profit growth was powered by improved NPA (non-performing asset) management, higher income from operations and cost control.

Total income during the first quarter stood at Rs 1,535.1 crore (Rs 1,095.2 crore), up 40.17 per cent.

Total business currently stood at Rs 1,03,379 crore, comprising Rs 62,819 crore deposits and Rs 40,560 crore advances.

Drop in NPA

Net NPA has dropped to 0.76 per cent as on June 2007 from 0.81 per cent in the corresponding period last year. Capital adequacy ratio stood at 12.71 per cent.

Interest rates

Mr Mahajan said the bank plans to reduce interest rates on various deposits. “We plan to reduce rates of interest for deposits on various maturities up to two years,” he told newspersons here on Saturday while announcing the results.

Allahabad Bank plans to recruit about 400 clerks and 600 officers during the current year.

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