Allahabad Bank, public sector lender is planning to bring down its gross non-performing assets (NPAs) level to around 3.2% from the last fiscal’s level of 3.92%. To attain this target, bank will focus on sustained effort for recovery. It expects to recover Rs 2,800-3,000 crore in the current fiscal from Rs 2,300 crore done last fiscal.
The bank’s net profit for the quarter ended March 31, 2013 declined by 68.48% at Rs 126.15 crore for the quarter as compared to Rs 400.22 crore for the quarter ended March 31, 2012. Bank’s total income has increased by 5.60% at Rs 4776.90 crore for the quarter under review as compared to Rs. 4523.38 crore for the corresponding quarter of the previous fiscal.
