Kolkata-based lender Allahabad Bank on Wednesday reported a 25 per cent increase in net profit to ₹158 crore for the quarter ending March 31, 2014. It had reported a net profit of ₹126 crore in the corresponding quarter last fiscal.
Interest earned during the quarter stood at ₹4,812 crore, a 13 per cent increase over the ₹4,252 crore it reported in Q4 of FY13.
Asset quality However, higher provisioning for the whole year (FY14) saw profit dip marginally (by a little over one per cent) to ₹1,172 crore from ₹1,185 crore (in FY13).
Provisioning for the year stood at ₹2,384 crore, 30 per cent more than the previous fiscal.
During the quarter, the bank saw fresh slippages in non-performing assets to the tune of ₹556 crore.
Gross non performing assets (NPAs) stood at ₹8,068 crore, from ₹7,512 crore over the October-December quarter of financial year 2014. The gross NPAs for the corresponding quarter last year stood at ₹5,137 crore, while the net NPAs stood at ₹4,127 crore.
Net NPAs stood at ₹5,722 crore, from the ₹5,661 crore it reported in the previous quarter (Dec 31).
The gross NPAs for the corresponding quarter last year stood at ₹5,137 crore, while the net NPAs stood at ₹4,126.70 crore.
Gross NPA ratios stood at 5.73, while the net NPA ratio stood at 4.15.
Total business Total business (deposits plus advances) during the fiscal grew to ₹31,748 crore. Deposits stood at ₹190, 843 crore; while advances stood at ₹140,905 crore.
The bank’s capital adequacy ratio stood at 9.96 per cent, as per Basel III norms.
Net Interest Margin (NIM) stood at 2.75 per cent.
The bank, in a release said, it was targeting a total business of ₹380,000 crore for FY15.
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