Public sector lender, Allahabad Bank is not contemplating any option to hike lending rates despite Reserve Bank of India (RBI) raising rates and tightening liquidity in order to stem rupee volatility. The bank feels that the RBI stance would not put any pressure on the funding cost and there is no need for an upward correction of the base rate.
Earlier this week, RBI made cost of fund expensive by announcing a slew of measures including hiking the lending rates for banks and sucking up of Rs 12,000 crore, to make the currency dearer.
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.
| Company Name | CMP |
|---|---|
| State Bank Of India | 1096.05 |
| PNB | 114.70 |
| Bank Of Baroda | 250.00 |
| Canara Bank | 131.50 |
| Union Bank Of India | 183.35 |
| View more.. | |
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1187 |
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