Allahabad Bank?s net profit rose 14% to Rs 239.79 crore in the July-September quarter compared with Rs 210.03 crore in the same quarter last fiscal.
Total income increased by 33% during the quarter to Rs 1664.29 crore (Rs 1,242.93 crore) and gross profit touched Rs 299.55 crore (Rs 243.23), chairman AC Mahajan said on Tuesday.
Non-fund non-interest income during the quarter was Rs 104.24 crore (Rs 84.72 crore), a growth of 23.04%. Gross NPA declined from 2.46% in June to 2.4% in September, while net NPA declined to 0.75% from 0.76% over the period.
Capital adequacy ratio increased from 12.71% during the quarter to June 30 to 13.01% at the end of September. During the quarter, EPS grew to Rs 21.47 (Rs 17.94) while book value per share rose to Rs 109.57 (Rs 104.23).
During the first half of the current fiscal, business crossed Rs 1,08,000 crore (Rs 90,477 crore).
Allahabad Bank?s proposed four-way non-life insurance venture with Sampo of Japan, Indian Overseas Bank, and Karnataka Bank Ltd has received R2 clearance from the Insurance Regulatory And Development Authority. The final licence is expected in November.
The company, named Universal Sampo General Insurance Company, will start underwriting business from December, Mahajan said.