Allahabad Bank registers 700% growth in Net Profit for the Quarter ended September’09
Kolkatta, October 22, 2009:
Highlights of the performance for the quarter ended September’2009:
Operating Profit increased from Rs.314.21 crore as at Sept.08 Quarter to Rs.649.84 crore as at the Quarter ended September’09, registering a growth of 106.82% during the period. Operating Profit increased to Rs. 1240.47 crore as at the Half Year ended September 2009.( HY-08 –Rs. 620.94 Crore-growth 100%)
Net Profit of the Bank was Rs. 333.59 crore for the Quarter ended September’09 as against Rs. 41.68 crore in the corresponding period last year recording a growth of 700.36%. Net Profit increased to Rs. 636.45 crore as at the half-year ended September’09 showing a growth of 371% over Rs. 135.04 crore during the corresponding period last year.
Interest Income during Q-2’09 at Rs.2046.69 crore show a growth of 10.87%. Interest Income stood at Rs. 4055 crore as at the half year ended September’09 showing YOY growth of 14.17%.
Non-Interest Income during the second quarter of 2009-10 was Rs.404.83 crore, registering a YOY growth of 208.49 % over previous year. Non-Interest Income increased to Rs.774.34 crore as at the half-year ended September’09 showing YOY growth of 275.24 %. Non-Interest Income from Core banking activities increased to Rs. 181.95 crore from Rs. 91.20 crore showing a growth of 100%.
Total Business of the Bank stood at Rs.148103 crore as on 30.09.2009 as against Rs.125363 crore in previous year showing a Year-on-Year growth of 18.14%.
Deposits of the Bank went up to Rs. 87309 crore as on 30.09.2009 from Rs.73648 crore as on 30.09.2008 and Rs.84972 crore as on 31.3.2009. Year-on-Year basis, Total Deposits grew by 18.55 %.
Gross Credit was Rs. 60794 crore as on 30.09.2009 as against Rs. 51715 crore as on 30.09.2008 and Rs.59443 crore as on 31.3.2009. Year-on-Year basis, the Gross Credit increased by 17.55 %.
Credit Deposit Ratio stood at 69.63 % as at September 2009.
Gross NPA to Gross Advances further declined to 1.78 % as at September 2009 from 1.93 % as at September 2008 and 1.81% as at March 2009.
Net NPA to Net Advances ratio declined to 0.35 % as at September 2009 from 0.85% as at September 2008 and 0.72% as at March 2009.
Provision Coverage Ratio reached 79.52%.
Net Interest Margin (NIM) was 2.84 % for the quarter ended 30.09.2009 as against 2.70 % corresponding previous quarter (HY: 2.92% against 2.65%).
Return on Asset increased from 0.20% during the Quarter ended September’08 to 1.33 % in the Quarter ended 30.09.09 (HY: 1.28% against 0.33%).
Cost to Income Ratio reduced to 35.54% as at the Quarter ended September 2009 as against 49.71% last year (HY: 38.18% against 49.81%).
Earning per Share increased from Rs.0.93 for the Quarter ended 30.09.08 to Rs.7.47 in the Quarter ended 30.09.2009 (HY: Rs.14.25 against Rs.3.02)
Book Value per Share increased to Rs. 145.19 as at September ’09 from Rs.119.79 as on 30.09.08.
Capital Adequacy Ratio increased from 11.46 % as on 30.09.2008 to 14.90 % as on 30.09.2009 against the stipulated norm of 9% (Tier-I Capital: 9.07%, Tier-II Capital: 5.83%).
During the quarter ending on 30.09.2009, Bank has generated an income of Rs. 7.37 crore under Third Party Products registering a YOY growth of 73 %.
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(This is a press release from Allahabad Bank)
