KOLKATA: Allahabad Bank's first quarter net profit was up by 14.62 percent at Rs 347 crore from Rs 303 crore earned in the corresponding period last year.
The chairman and managing director of the bank, J P Dua, said today that while the bank recorded a 19.29 percent growth in the operating profit in the first quarter, the net interest income was up by 35.18 percent.
The net interest margin was up by 3.10 percent and earnings per share (EPS) increased to Rs 7.77 crore, Dua said.
Business of the bank stood at Rs 1,84,039 crore as on June 30, against Rs 1,50,403 crore in the previous year, showing a year-on-year growth (Y-O-Y) of 22.36 percent.
Dua said the gross NPA to Gross Advances further declined to 1.50 percent as on June-end from 1.79 percent at the same period in 2009 and 1.69 percent as on March-end 2010.
The bank chairman said that the net interest margin improved by 3.10 percent for the quarter ended June 30, as against 3 percent in the previous corresponding quarter.
To a question, Dua said that the Allahabad Bank had planned to open a foreign branch at Dhaka and talks with RBI are in progress in this regard.
He said the bank would upgrade its Representative office at Shenzhen, China, into a full-fledged branch shortly for which ground work is in progress.
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