Allahabad Bank profit up by 20.45 percent

July 22nd, 2011 - 10:53 pm ICT by IANS  

Kolkata, July 22 (IANS) State-run Allahabad Bank has registered a growth of 20.45 percent in profits posting a net profit of Rs.418 crore for the quarter ending June 30, a top bank official said here Friday.

The bank had recorded a net profit of Rs.347 crore in the corresponding period the previous fiscal.

Announcing the results, bank chairman and managing director J.P. Dua said the net interest income climbed to Rs.1,175.55 crore in the first quarter of the fiscal following a good show in the bank’s core operation. The figure was Rs.850.34 crore in the year-ago period.

Eyeing an all round growth, Dua said the bank was hoping for a good demand in sectors like textile and pharmaceuticals. The target growth in credit was 25 percent while the bank’s advances have gone up by 30.4 percent during the quarter under review, Dua said.

Dua told mediapersons that the bank was expecting a business of Rs.2,80,000 crore during the 2011-12 fiscal.

He said the bank’s net interest margin went up by 30 basis points to 3.40 percent on year-on-year basis.

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