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Allahabad Bank net soars 457%

Calcutta, Jan. 29: Allahabad Bank’s net profit in the quarter ended December 31, 2002, shot up to Rs 45.74 crore, 457 per cent higher than Rs 8.21 crore reported in the corresponding period of last year. Net profit in the first nine months of the current fiscal at Rs 110.25 crore was 185 per cent higher than last year’s Rs 38.62 crore.

The rise in profits was largely due to an increase in income from treasury operations and a reduction in cost of deposits. The bank’s total income till December 31, 2002, at Rs 2,248.34 crore was 17 per cent higher than last year’s Rs 1,916.89 crore.

The bank said it had reduced its cost of deposits to 6.67 per cent. Total deposits of the bank stood at Rs 24,753 crore as on December 31, 2002 compared with Rs 22,666 crore a year ago. Gross advances at the end of December 2002 stood at Rs 13,150 crore, up 11.3 per cent over last year.

The bank’s net non-performing assets had come down to Rs 945.98 crore at the end of the third quarter compared with Rs 1,160 crore a year ago.

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