Allahabad Bank Q4 net profit dips by 68%

Kolkata: Public sector Allahabad Bank Tuesday reported a 68.47 percent dip in net profit for the quarter ended March 31, 2013, to Rs.126.15 crore from Rs.400.22 crore in the corresponding year-ago period.

The Kolkata-headquartered bank attributed the sharp drop in profit to fresh addition of non-performing assets(NPA), higher provisioning and decline in yield on advances, its chairperson and managing director Shubhalakshmi Panse told reporters after announcing the results.

[caption id=“attachment_759411” align=“alignleft” width=“380”] The bank’s total income, however, increased to Rs.4,776.90 crore. Reuters[/caption]

The bank’s total income, however, increased to Rs.4,776.90 crore for the period under review from Rs.4,523.38 crore in the year-ago period.

The public sector lender’s net interest margin declined to 2.30 percent in the last quarter of the 2012-13 fiscal from 3.23 percent in the same period of the previous year.

“The NIM declined because of reduction of profit and higher provisioning,” Panse added.

IANS