Allahabad Bank Q1 net up 23% at Rs 514 crore

KOLKATA: Allahabad Bank today reported 23 per cent increase in net profit at Rs 514 crore for the first quarter ended June 30, 2012.

The public sector bank had posted a net profit of Rs 418 crore in the same period last fiscal.

The rise in net profit was due to higher treasury income and increased income from business activity, Allahabad Bank Chairman and Managing Director J P Dua told reporters here.

Net interest margin (NIM) of the bank during the April-June quarter stood at 3.17 per cent.

Operating profit of the bank during the quarter increased by 7.4 per cent at Rs 956 crore.

Dua said the bank's credit during the quarter grew by 11.87 per cent to Rs 1,10,462 crore, while deposits rose by 17.22 per cent to Rs 1,56,867 crore.

Total business of the bank during the quarter increased 14.95 per cent at Rs 2,67,329 crore.

Capital adequacy ratio of the bank at the end of June 30, 2012 stood at 12.94 per cent.