Kolkata, Jan 22 (Inditop.com) City-based public sector bank Allahabad Bank posted a net profit of Rs.345.36 crore for the quarter ended Dec 31, compared to Rs.369.46 crore in the corresponding period last fiscal, it said in a regulatory statement Friday.
The bank’s income increased from Rs.2,306.45 crore for the quarter ended Dec 31, 2008 to Rs.2,447.28 crore in the quarter under review, it added.
Treasury income fell 54 percent during the period to Rs.133 crore from Rs.288 crore a year ago and net interest margins dropped to 2.97 percent from 3.24 percent a year ago.
“Our yield on advances has come down over the last year, as the PLR (prime lending rate) last year was 14 percent, and this year it is close to 12 percent but we couldn’t re-price some of our retail deposits, which is the reason NIM (net interest margin) is lower,” Chairman and Managing Director J.P. Dua said at a press conference to announce the results.
Total income during the period was up just 6 percent to Rs.2,447 crore against Rs.2,306 crore year ago.
Capital adequacy ratio went up to a healthy 15 percent from 12.2 percent year ago.
“Our focus has continued on the core business and we have done well in our core business during the last fiscal,” Dua said.
