Allahabad Bank stock dips over 5% on disappointing Q4 results

MUMBAI: Shares of Allahabad Bank today tanked over 5 per cent after the company reported 68.5 per cent drop in net profit for the fourth quarter ended March, 2013.

After falling 5.11 per cent in intra-day trade, the scrip finally ended at Rs 126.50, down 4.78 per cent on the BSE, in an otherwise upbeat stock market.

At NSE, the scrip ended 5.12 per cent lower at Rs 126. State-owned Allahabad Bank today reported 68.5 per cent decline in net profit at Rs 126.15 crore for the fourth quarter ended March 31, 2013 on account of rise in bad loans.

The bank had a net profit of Rs 400.22 crore in the same period last year, Allahabad Bank said in a filing to the BSE.

Gross non-performing assets (NPAs), as a proportion of advances, increased to 3.92 per cent at the end of March 2013, against 1.83 per cent in the previous fiscal. Net NPAs also rose to 3.19 per cent during the year from 0.98 per cent at the end of March 2012.

Total income of the bank rose to Rs 4,776.90 crore in January-March quarter compared to Rs 4,523.38 crore in the same period previous fiscal.

For the entire fiscal ended March 31, 2013, the bank's net profit declined 7 per cent at Rs 1,185.21 crore, compared to Rs 1,866.78 crore in 2011-12.

In the stock market, the BSE benchmark Sensex ended at 19,888.95, up 215.31 points.