Allahabad Bank net falls 49% to R141.4 cr

Written by fe Bureau | Kolkata | Updated: Oct 31 2014, 06:06am hrs
Allahabad Banks net profit - pulled down by higher tax expenses and fall in other income fell 49% to R141.44 crore during the quarter ended September, the state-owned bank reported on Thursday.

The net profit in the year-ago period was R275.81 crore. The city-based lenders tax outgo during the quarter grew a whopping 110% y-o-y, while its operating profit during the period under review remained nearly flat at R1,156.68 crore; it was R1,153.54 crore in the year-ago period.

Total income during the quarter rose 2.1% y-o-y to R5,416.63 crore, as the banks other income fell 26% to R515.55 crore during the period; it was R695.99 crore in the corresponding period of the 2013-14 fiscal.

Gross credit rose to R1.43 lakh from R1.33 lakh crore a year ago, a growth of 6.92%. Its NIM

was 3.05%.

Allahabad Bank said the rise in tax outgo was due to higher tax payment on operating profit and tax expenses on the profit from investment in government securities.

Its provisions for the quarter were R729.95 crore; they were R742.19 in the year-ago period.