Allahabad Bank on Saturday reported a net profit of Rs 974.74 crore for the year to March 31, 2008, up 30% on the previous year’s figure.
Net profit for the quarter to March 31 was up nearly 35% to Rs 169.51 crore, from Rs 125.74 crore during the corresponding period in 2006-07.
AC Mahajan, chairman and managing director, said income from the core business has gone up during the period.
“Moreover, the bank has shown incremental improvement of at least 30% quarter to quarter,” he said.
The bank reported total recoveries of Rs 543 crore in 2007-08 even as it lifted non-interest income by 22% to Rs 437.97 crore.
For the full year, gross advances grew 20% to Rs 50,312 crore, while total deposits also increased by around the same margin to Rs 71,616 crore.