Kolkata, July 30 (IANS) State-run Allahabad Bank Monday reported a 23 percent jump in net profit at Rs.5.14 billion in the quarter ended June 2012 from Rs 4.18 billion in the same period a year ago.
The Kolkata-based bank’s net interest income posted an 11 percent increase to Rs.13.06 billion during the period under review from Rs.11.76 billion in the corresponding period a year ago.
Total income of the bank stood at Rs.47.68 billion during the first quarter this fiscal compared with Rs.38.36 billion in the same period last fiscal.
The bank maintained a decent growth backed by its growth in core operations, Chairman and Managing Director (CMD) J.P. Dua told reporters here after announcing the results.
Net interest margin (NIM) of the bank, however, decreased to 3.17 percent from 3.40 percent during the corresponding period last fiscal.
Dua said he was hopeful of sustaining the bank’s NIM over three percent in this financial year.
The bank recovered Rs.4.02 billion during the quarter which included Rs.1.20 billion worth fresh recovery, Rs.1.13 billion from upgradation and another Rs.1.69 billion from written off accounts.
The bank, however, restructured assets worth Rs.47.7 billion during the first quarter this fiscal.
Restructuring of debts worth Rs.31 billion of state electricity boards of Uttar Pradesh, Haryana and Rajasthan together accounted for about 65 percent of the total restructuring.
“Restructuring was also done in textiles and pharmaceuticals sectors,” said Dua.
