Allahabad Bank on Friday posted a 16.42% rise in its net profit to Rs 347 crore for the quarter ended June 30, 2010, from Rs 303 crore recorded in the corresponding period last fiscal.

The fee-based income of the bank from commission and exchange business increased to about Rs 170 crore during the quarter under review against Rs 146.51 crore for the same period last fiscal.

JP Dua, chairman & managing director of the bank, said while the bank recorded 19.29% growth in the operating profit during the first quarter, the net interest income went up by 35.18%.

Revenue of the bank from the treasury operations increased to Rs 691.25 crore during the quarter from Rs 672.93 crore recorded a year ago. Revenue from corporate banking also increased to Rs 1,196.87 crore from Rs 1,082.35 crore while retail banking revenue went up to Rs 44.06 crore from Rs 7.81 crore.

However, the investment trading profit of the bank reduced to Rs 90 crore, from Rs 214 crore in the quarter ended June 2009.

?Profit dipped in treasury this quarter. In June 2009, while there was a write back of Rs 214 crore, last quarter we made a provision of Rs 2 crore,? said Dua.

Uco Bank?s gross NPA rises to 2.36%

Kolkata-based Uco Bank on Friday reported a 45.49% jump in its net profit to Rs 260.21 crore for the quarter ended June 30, 2010, from Rs 178.85 crore registered during the corresponding period last fiscal.

Total income of the bank rose to Rs 2,862 crore for the quarter under review from Rs 2,584 crore a year ago. While interest income recorded almost 14.63% rise, to Rs 2,672 crore from Rs 2,331 crore, other income of Uco bank dropped to Rs 190 crore from Rs 252 crore registered during the corresponding period last fiscal.

Meanwhile, gross non-performing asset (NPA) of the bank increased 2.36% for the quarter from 2.27% for the corresponding period the previous fiscal. Talking to reporters, Ajai Kumar, executive director of the bank, said, ?The increase in NPA is a temporary phenomenon and will come down eventually. There have been fresh slippage but we will be able to bring down the level.? Fresh NPA of the bank for the quarter is around Rs 416 crore, much higher than Rs 125 crore for the corresponding period last fiscal.

Simultaneously, NPA recovery of the bank has gone down to Rs 83 crore in the first quarter of the current fiscal from Rs 109 crore.

According to Kumar, the bank is looking at bringing down net NPA level to below 1% by end of this fiscal. Net NPA of the bank was 1.14% as on June 2010, marginally lower than 1.15% for the corresponding period last year.

Profit from treasury income of the bank has dipped to Rs 32 crore during the quarter from Rs 86 crore for the same period last year. Revenue from the retail banking segment came down to Rs 752.76 crore from Rs 966. 93 crore. Corporate banking operations of the bank performed better and registered a revenue of Rs 1,356.59 crore.