Allahabad Bank Q1 Net Down 73 Per Cent at Rs 112.72 Crore
New Delhi: State-owned Allahabad Bank on Friday reported a 72.6 per cent decline in net profit at Rs 112.72 crore for the first quarter that ended in June 2014 on account of a rise in bad debts.
The Kolkata-based public sector lender had posted a net profit of Rs 413.09 crore for the corresponding period a year ago.
However, total income during the quarter increased to Rs 5,518 crore, from Rs 5,064.95 crore in the year-ago period.
Operating profit increased to Rs 1,220 crore in the quarter from Rs 1,154 crore a year ago.
Net interest income during the quarter increased to Rs 1,610 crore as against Rs 1,312 crore in the same period a year ago.
As of June 30, Allahabad Bank's portfolio quality deteriorated further, with gross non-performing assets (NPAs) rising to 5.48 per cent of gross advances, as against 4.78 per cent a year ago.
Net non-performing assets during the second quarter rose to 3.88 per cent from 3.87 per cent in the period a year earlier.
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