| AllBank ED K. K. Rai in Calcutta on Friday. A Telegraph picture
Calcutta, July 25: Allahabad Bank today reported a net profit of Rs 67.97 crore in the first quarter of the current financial year, up 138.65 per cent compared with Rs 28.48 crore in the corresponding period of last year.
The bank’s total income at Rs 767.91 crore was higher 12 per cent from Rs 685.68 crore in the first quarter of 2002-03. Earning per share for the quarter was Rs 1.96 (Rs 1.15).
The quantum jump in net profit despite a modest 12 per cent growth in income was largely due to reduction in expenditure. The bank’s operating profit during the quarter at Rs 191.32 crore was 77.6 per cent higher than Rs 107.72 crore in the corresponding previous quarter.
Over the last one year, the bank has cut its cost of deposits by 109 basis points (100 basis points is equal to 1 per cent) to 5.96 per cent.
K. K. Rai, executive director, said, Allahabad Bank’s credit to industries had grown 3.1 per cent between March and June this year. There was significant increase in retail credit as well, he added.
The bank said it had cut its net non-performing assets to 6.31 per cent and raised its capital adequacy ratio to 11.32 per cent.
Century net up
Century Textiles and Industries has reported a whopping 659.62 per cent growth in net profit for the first quarter of the current year ended June 30. Net profit zoomed to Rs 28.41 crore as against Rs 3.74 crore in the corresponding period of last year.
The company attributed the rise in net profit to 85 per cent growth in other income and sharply lower interest costs. Net sales of the B. K. Birla group company rose marginally to Rs 546.59 crore from Rs 542 crore. On the other hand, other income shot up to Rs 25.33 crore (Rs 13.65 crore) and interest came down to Rs 18.65 crore (Rs 28.56 crore).