Allahabad Bank tanks 4% as Q2 profit halves to Rs 234 cr

NEW DELHI: Allahabad Bank slipped over 4 per cent in the afternoon trade on Monday after the state-owned bank reported a 52 per cent YoY drop in its net profit to Rs 234.20 crore for the quarter ended September 30, 2012.

The state-owned bank reported a net profit of Rs. 488.02 crore for the quarter ended September 30, 2011.

At 02:40 pm, Allahabad Bank was trading 3.95 per cent lower at Rs 132.60. It has hit a low of Rs 127.95 and a high of Rs 138.10 in trade today.

Total Income of the bank has increased to Rs. 4582.64 crore for the quarter ended September 30, 2012, from Rs. 4202.54 crore reported in quarter ended September 30, 2011.

"Gross non-performing asset (NPA) ratio rose sharply to 2.95 per cent as against 1.96 per cent in the previous quarter and 1.77 per cent a year back," Allahabad Bank said in a statement.

Provisions against bad loans increased by 12.7 per cent to Rs 464.47 crore from Rs 411.66 crore reported in the corresponding quarter of the last year.