The Telegraph
Tuesday , January 28 , 2014
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Small rise in AllBank net

Jan. 27: Public sector lender Allahabad Bank today registered a 4.67 per cent growth in net profit at Rs 325.36 crore for the quarter ended December against Rs 310.83 crore in the same period a year ago.

Despite a growth in operating profit, the city-based bank’s net profit for the third quarter was impacted because of higher provisioning and mark-to-market losses.

Operating profit grew 17.41 per cent to Rs 1,010 crore from Rs 860 crore a year ago.

Total income rose 10.89 per cent to Rs 5,306.74 crore from Rs 4,785.34 crore last year.

Chairman and managing director Subhalakshmi Panse said higher provisioning had impacted the net profit.

“If you look at the operating profit, it has grown 17 per cent, but net profit has been affected because we have been making more provisions for wage revision, NPAs and the restructured portfolio. We are making extensive provisioning, wherever required,” Panse today said.

Total provisioning at the end of the quarter stood at Rs 557 crore against Rs 432 crore a year ago. The bank also took a hit because of mark-to-market losses of Rs 114 crore during the December quarter.

Idea Cellular

Idea Cellular’s consolidated net profit has more-than-doubled to Rs 467.73 crore in the quarter ended December from Rs 228.57 crore a year ago on the back of a strong growth in mobile data revenue.

Revenues grew 18.5 per cent to Rs 6,613.1 crore from Rs 5,578.6 crore a year ago.

Idea said the consolidated profit included the contribution of Rs 69.6 crore from Indus Towers.

The company added 18 million incremental subscribers in 2013 taking its total user base to 129 million. The average revenue per user (ARPU) rose to Rs 169 from Rs 158 in the third quarter of 201213.

HUL net

Consumer goods major Hindustan Unilever (HUL) has posted a 21.91 per cent rise in net profit at Rs 1,062.31 crore in the December quarter on robust sales across businesses.

The Indian arm of AngloDutch Unilever Plc had a profit of Rs 871.36 crore a year ago.

Net sales rose 9.38 per cent to Rs 7,037.78 crore from Rs 6,433.69 crore, HUL said.

“Our growth has been competitive and profitable and the results are a reflection of how we dynamically managed the business despite the headwinds in the environment,” HUL chairman Harish Manwani said.