Financial Daily from THE HINDU group of publications
Thursday, Oct 16, 2003
Financial Daily from THE HINDU group of publications Thursday, Oct 16, 2003 |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks Allahabad Bank H1 net up 123 pc Our Bureau
Kolkata , Oct. 15 ALLAHABAD Bank has announced a 123-per cent increase in net profit during the first half of the current fiscal ended September 2003; profit for the period stood at Rs 143.88 crore as against Rs 64.51 crore in the corresponding period of the previous year. The bank, which has been able to bring down net NPAs to 5.21 per cent from 9.18 per cent, has seen a reduction in the cost of deposits from 6.84 per cent to 5.92 per cent. Its EPS increased to Rs 8.3 (annualised) from Rs 5.23, while book value per share increased from Rs 33.76 in March 2003 to Rs 37.89. Allahabad Bank further added Rs 143.38 crore to its reserves during the first half, raising it to Rs 966.97 crore. Capital adequacy increased to 11.08 per cent as on September 30 this year from 10.39 per cent as on September 30, 2002. The bank has targeted an NPA recovery of around Rs 500 crore during the current year. Over 400 defaulting entities have come forward to settle under the one-time settlement mechanism, involving Rs 53.54 crore. Deposits stood at Rs 27,390 crore at the end of the half-year period as against Rs 24,280 crore as on September 30, 2002, recording a 12.8 per cent increase. Advances moved up to Rs 14,121 crore from Rs 12,173 crore, a 16 per cent growth. During the first half, disbursements under retail finance schemes were more than Rs 740 crore. Merger of arm okayed AllBank Finance, a 100 per cent subsidiary of Allahabad Bank, will be merged with the parent bank, a merger that is expected to add to the latter's bottomline. The bank's board has okayed the scheme of amalgamation and the decks are being cleared to implement the decision within the current fiscal. The proposed merger will lead to reduction of overheads and better utilisation of the subsidiary's resources. The capital to risk assets ratio of the bank will also improve by way of release of the capital invested in the subsidiary.
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