Allahabad Bank on Friday posted net profit of Rs 415.80 crore for the quarter ending December 31, up 20% from Rs 345 crore in the corresponding quarter last fiscal. CMD J P Dua said the bank had crossed Rs 2 lakh crore in total business and that it was on course to achieve the target of Rs 2, 20,000 crore by end of the fiscal.
Year-on-year, deposits grew 28.44% from Rs 94,164 crore on December 31, 2009 to Rs 1,20,948 crore on December 31, 2010. Dua said, We have repriced all our assets and liabilities. We are out of short-term business for assets and are out of bulk deposits. We are concentrating on retail term deposits and our network of 2,400 branches to grow the business. Banks net interest margin surged to 3.44%, an all-time high for the bank.
BoB Q3 net up 28.4% at Rs 1,068.9 crore
Bank of Baroda (BoB) has clocked a 28.39% jump in its net profit at Rs 1,068.88 crore in Q3 FY11, as against Rs 832.49 crore in the corresponding period the previous year.
The banks total income increased 31.13%at Rs 6,342.30 crore in the December quarter, as against Rs 4,836.62 crore in the year-ago period. Banks total income grew 31.13% due to strong core operations. The banks total net interest income grew 43.16% at Rs 2,292.26-crore in the quarter as compared to Rs 1,601.23 crore in the corresponding period last year. Its operating profit increased 46.35% at Rs 1,851.20 crore in the quarter from Rs 1,264.95 crore. The lenders gross NPAs increased to Rs 2,770.25 crore in the quarter from 2,260.27 crore.
IOB Q3 profit soars 127.8%to Rs 232 cr
Indian Overseas Bank (IOB) has reported a 127.79% growth in its net profit at Rs 231.66 crore for the third quarter as against Rs 101.70 crore in the same quarter last fiscal. While total income of the bank rose by 22.07% to Rs 3,452.86 crore from Rs 2,828.66 crore, total business grew by 21.29% to Rs 2,25,191 crore from Rs 1,85,656 crore. Interest income increased by 21% to Rs 3,101.64 crore.
Oriental Bank Q3 net increases by 41%
Oriental bank of Commerce (OBC) reported a 41% growth in net profit at Rs 408.25 crore for the third quarter ended December 31, 2010. The bank had a net profit of Rs 289.43 crore in the corresponding quarter last year. During the quarter, the banks interest income rose to Rs 3,032.76 crore, from Rs 2,671.59 crore, up by 13.52%. Total income of OBC increased to Rs 3,264.17 crore.
UCO Bank profit rises 22.4%
Public sector UCO Bank is confident about maintaining a 3% interest margin even if deposit rates goes up. The net interest margin of the bank in the third quarter was 3.11%
UCO Bank reported a 22.35% rise in net profit at Rs 301 crore on a total income of Rs 3,108 crore for the quarter ended December 2010, against a net profit of Rs 246 crore during the same period last fiscal. The banks total income grew by 19.13% compared to the income during the corresponding period in 2009-2010.
The bank recorded 16.05% rise in deposits and 20.43% rise in advances in the third quarter.