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Kolkata-based Allahabad Bank reported a 30 per cent increase in net profit to ₹147 crore for the quarter ended June 30, 2015, from ₹113 crore in the previous year period.
The profit was primarily the result of reduction in tax expense and also because it did not make any provision towards wage revision during the quarter.
Tax expense went down nearly 6 per cent to ₹240 crore (₹255 crore). The bank had also made a provision of ₹96 crore (for wage revision) in the year-ago-period.
However, total income during the first three months of 2015-16 fell 2 per cent to ₹5,396 crore (₹5,518 crore), it said in a filing to the BSE.
Gross NPAs up The gross non-performing assets (NPAs) to gross advances ratio came down to 5.29 per cent (5.48 per cent). Gross NPAs, however, moved up around 5 per cent to ₹7,987 crore (₹7,619 crore).
Net NPA in percentage terms also improved to 3.67 per cent (3.88 per cent). Net NPAs, meanwhile, increased nearly 3 per cent to ₹5,421 crore (₹5,272 crore).
The PSU lender’s provisioning towards bad loans and contingencies saw a minimal increase during the period to ₹855 crore (₹852 crore).
Shares of Allahabad Bank closed at ₹87.25, up 4.68 per cent on the BSE on Wednesday.
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