Allahabad Bank reported mere 1% increase in net profit to Rs 369.5 crore in the quarter ended December 2008, largely due to 523% spike in provision for tax to Rs 193.6 crore and mere 2% rise in other income to Rs 408.4 crore. The bank did exceptionally well operationally with 45% surge in Net Interest income (NII) to Rs 604.1 crore. NII surged due to slower 14% growth in interest expenses to Rs 1293.9 crore and healthy 22% rise in interest earned to Rs 1898.0 crore. Hence, its net interest margins leaped to 3.24% in the quarter ended December 2008 from 2.7% in the quarter ended September 2008 and 2.59% in the quarter ended December 2007.
But, the gross NPAs rose by 8% to Rs 1016.0 crore, while net NPAs zoomed by 41% to Rs 429.2 crore. As the bank allowed surge in net NPAs, it recorded 18% fall in provisions and contingencies to Rs 103.0 crore in the quarter ended December 2008. As a % of advances, the gross NPA declined to 1.93% in December 2008 from 2.06% in December 2007 but the net NPA actually increased to 0.82% in December 2008 from 0.67% in December 2007. The capital adequacy ratio has increased from 11.46% in September 2008 to 12.2% in December 2008, but they were lower than 12.84% in December 2007.crackcrack
| Company Name | CMP |
|---|---|
| SBI | 1112.15 |
| PNB | 114.10 |
| Canara Bank | 144.35 |
| Bank Of Baroda | 284.10 |
| Union Bank Of India | 191.20 |
| View more.. | |
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: