Allahabad Bank Q2 net profit up nearly 18% to Rs 275.81 cr
New Delhi: State-owned Allahabad Bank on Thursday reported 17.7 percent increase in net profit to Rs 275.81 crore for the July-September quarter.
The Kolkata-based public sector lender had posted a net profit of Rs 234.20 crore for the same period of last fiscal.
The total income during the quarter increased to Rs 5,303.06 crore, from Rs 4,582.64 crore in the year-ago period.
Operating profit increased to Rs 1,154 crore in the September quarter, as against Rs 802 crore in the same period of the previous fiscal.
The net interest income during the quarter increased to Rs 1,309 crore as against Rs 1,174 crore in the same period a year ago.
During the first half of the current fiscal, the bank's net profit declined by 8 percent to Rs 688.90 crore, as against Rs 748.23 crore in H1, 2012-13.
Total income rose to Rs 9,576.53 crore in the first six months, from Rs 9,024.39 crore in the year-ago period.
Net interest margin of the bank stood at 2.75 percent at the end of September 2013.
As of September 30, 2013, Allahabad Bank's portfolio quality deteriorated further, with gross non-performing assets (NPAs) rising to 4.94 percent of gross advances, as against 2.95 percent year a year ago.
Its net non-performing assets during the second quarter rose to 3.83 percent from 2.10 percent in the period a year earlier.