Allahabad Bank’s Q1 profit zooms 224 percent
July 18th, 2009 - 6:47 pm ICT by IANS ( Leave a comment )Kolkata, July 18 (IANS) State-run Allahabad Bank posted a net profit of Rs.302.86 crore (Rs.3.02 billion) for the first quarter of 2009 as compared to Rs.93.36 crore for the same period last year, a top company official said here Saturday.
The net profit was up by 224 percent due to higher investment trading profit of Rs.214 crore, up from Rs.32.2 crore a year ago.
“A volatile money market offers opportunity to make treasury profits,” Chairman and Managing Director K.R. Kamath told reporters.
Kamath said last fiscal’s (2008-09) treasury income level of Rs.575 crore would be maintained during 2009-10.
Apart from trading profit, Kamath attributed jump in quarterly profit over previous year to growth in net interest margin (NIM) to 3 percent from 2.6 percent a year ago.
“We expect to maintain NIM at 2.88 percent during the current year,” he said.
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Tags: allahabad bank, first quarter, interest margin, investment trading, kamath, managing director, money market, net interest, net profit, nim, previous year, profits, q1 profit, quarterly profit, treasury
