State-run Allahabad Bank on Friday reported a 28.5% y-o-y rise in the net profit to R202.6 crore in the fourth quarter from R157.75 crore in the same period last year. The net surged on the back of a strong growth in operating profit.
The bank’s operating profit grew over 20% y-o-y to R1,008.79 crore in the March quarter, aided by a high growth in other income. Other income grew 32.78% y-o-y to R565.86 crore compared with R426.16 crore in the corresponding period of the last financial year.
The net interest income (NII), the difference between interest earned and interest expended, rose 7.7 % to R1,456.8 crore from R1,352.8 crore in the year-ago period.
Provisions fell to R631.11 crore from R639.31 crore in the same period last fiscal, according to a BSE filing.
NPAs in absolute numbers increased to R8,357.97 crore from R8,068.04 crore in the same period last fiscal. Bank’s gross NPAs as percentage of gross advances, however, came down to 5.46% from 5.73% a year ago.