Allahabad Bank Q1 net rises 23% at Rs 514 cr; stock up 5%

Public sector lender Allahabad Bank’s net profit was up by 23% year-on-year to Rs 514 crore in the April-June quarter of 2012 due to less provisions.

Net interest income rose by 11% to Rs 1,306 crore from Rs 1,176 crore during the same period.

The bank made less provisions during the quarter around Rs 313 crore as compared to Rs 454 crore in the previous quarter.

Capital adequacy ratio too improved 11 basis points to 12.94% versus 12.83% QoQ.

But, gross non-performing assets (NPAs) increased 13 basis points QoQ to 1.96% and net NPAs rose by 11 basis points to 1.09%.

At 12:24 hours IST, the stock surged more than 5% to Rs 135.65 amid heavy volumes.

Source: www.moneycontrol.com

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DENIP Consultants Pvt Ltd