Allahabad Bank Q4 net profit dips by 68%

Kolkata: Public sector Allahabad Bank Tuesday reported a 68.47 percent dip in net profit for the quarter ended March 31, 2013, to Rs.126.15 crore from Rs.400.22 crore in the corresponding year-ago period.

The Kolkata-headquartered bank attributed the sharp drop in profit to fresh addition of non-performing assets(NPA), higher provisioning and decline in yield on advances, its chairperson and managing director Shubhalakshmi Panse told reporters after announcing the results.

The bank's total income, however, increased to Rs.4,776.90 crore. Reuters[/caption]

The bank's total income, however, increased to Rs.4,776.90 crore for the period under review from Rs.4,523.38 crore in the year-ago period.

The public sector lender's net interest margin declined to 2.30 percent in the last quarter of the 2012-13 fiscal from 3.23 percent in the same period of the previous year.

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"The NIM declined because of reduction of profit and higher provisioning," Panse added.

IANS