Allahabad Bank Q1 net rises 20.45 per cent

KOLKATA: Net profit of Allahabad Bank during the first quarter of FY12 increased 20.45 per cent at Rs 418.13 crore as against Rs 347 crore in the same period previous fiscal.

Announcing the results here today, chairman and managing director of Allahabad Bank J P Dua said that total business of bank at the Q1 grew 26.36 per cent at Rs 2.32 lakh crore.

The target is to grow the business by 25 per cent by the end of the current fiscal, Dua told reporters here today.

Net interest margin (NIM) of the bank during the first quarter stood at 3.40 per cent as compared to 3.10 per cent in the previous first quarter.

NPA recovery during the first quarter was Rs 250 crore, Dua said.

To a query, Dua said that the bank was in the midst of capital planning exercise and would shortly approach the government for seeking capital.

At present, the bank's capital position was comfortable. Capital adequacy ratio of the bank was 12.75 per cent as on June 30, 2011.

Fee-based income during the quarter was at Rs 207 crore as compared to Rs 170.29 crore in the same previous corresponding period.