Allahabad Bank Q3 net profit up 4.6% to Rs 325 crore

NEW DELHI: State-owned Allahabad Bank reported 4.6 per cent increase in net profit at Rs 325.36 crore for the October-December quarter even though non- performing assets rose.

The Kolkata-based public sector lender had posted net profit of Rs 310.83 crore for the same quarter of last fiscal, 2012-13.

The lender's total income in Q3, 2013-14 increased to Rs 5,306.74 crore, from Rs 4,785.34 crore in the year-ago period, Allahabad Bank said in a statement.

Its operating profit in Q3 increased to Rs 1,010 crore, as against Rs 860 crore in the year-ago period.

As of December 31, Allahabad Bank's portfolio quality deteriorated further, with gross NPAs rising to 5.47 per cent of gross advances, as against 2.91 per cent year a year ago.

Its net NPAs during the second quarter rose to 4.19 per cent, from 2.08 per cent in the period a year earlier.

During the three quarters (April-December) of 2013-14, the bank's net profit declined by 4.2 per cent to Rs 1,014.27 crore, as against Rs 1,059.06 crore in same period of 2012-13.

Its total income rose to Rs 15,674.75 crore in the nine months, from Rs 14,135.70 crore in the year-ago period.

Net interest margin of the bank stood at 2.75 per cent at the end of December 2013. Allahabad Bank's scrip fell 8.52 per cent to Rs 79.50 on the BSE.