Allahabad Bank's Net Rises over 138% in First Quarter.

Allahabad Bank has vastly improved its performance under all major parameters during the first quarter of the current fiscal. Some of the highlights of the Bank’s performance during the quarter (on year to year basis) are as under:-

• Net Profit leaps by over 138%
   
• Operating Profit up by 78%
    
• Net NPA declines to 6.31% from 11.00%
    
• Return on Assets (ROA) increases to 0.92% from 0.44%
    
• Cost of Deposits brought down to 5.96% from 7.05%
    
• Capital Adequacy Ratio increases to 11.32% from 10.34%
    
• Spread increases by 34.53% to Rs. 246.13 crore from 186.72 crore

 PERFORMANCE IN QUARTER 1 OF FY 2003-04

NET PROFIT

For the quarter ended June 2003, the Bank has posted a Net Profit of Rs. 67.97 crore as against Rs. 28.49 crore in the corresponding period of the last year, registering a growth of 138.57%.

OPERATING PROFIT

The Operating Profit of the Bank increased by 77.60% to Rs. 191.33 crore during the first quarter as against Rs. 107.73 crore in the same period of the last year.

BUSINESS GROWTH

Deposits of the Bank stood at Rs. 25714.37 crore at the end of the quarter as against Rs. 22914.93 crore as on 30.6.2002, registering a growth of 12.22%.

Advances increased to Rs. 13673.61 crore at the end of the quarter as against Rs. 11423.12 crore as on 30.6.2002, recording a growth of 19.70%.

Investments rose to Rs. 13253.96 crore during the quarter as against Rs. 11454.65 crore as at the end of first quarter of last fiscal, registering an increase of 15.70%

CAPITAL ADEQUACY

Capital Adequacy (Capital to Risk Assets Ratio) of the Bank increased to 11.32% as on 30.6.2003 from previous 10.34% as on 30.06.2002 (against stipulation of 9%).

NPA

The Net Non Performing Assets (NPA) to Net Advances of the Bank reduced to 6.31% as on 30.6.2003 from 11.00% as on 30.06.2002.

RETURN ON ASSETS

The Return on Assets (ROA) of the Bank rose to 0.92% (annualised) from 0.44% as on 30.06.2003, registering an increase of 109%.

CAPITAL & RESERVES

The Bank added Rs. 129.29 crore to its Reserves which stood at Rs. 891.31 crore as at the end of the first quarter.

PROVISIONS

Provisions of Rs. 123.36 crore has been made by the Bank in the quarter as against Rs. 79.24 crore in the same period last year, registering an increase of 55.68%. Now 55.65% of NPA are provided for as against 41.20% of NPA’s provided for during the corresponding period of last year.

EARNING PER SHARE

The Earning Per Share (EPS) surged to Rs. 7.84 (annualised) from Rs. 4.60 as thus recording a growth of 70.43%.

COST OF DEPOSITS

The Bank’s Cost of Deposits was gradually brought down to 5.96% during the quarter as against 7.05% in the same period of the last year.

SPREAD TO AVERAGE WORKING FUNDS

The Spread to Average Working Fund increased to 3.32% for the quarter ended 30.6.2003 from 2.90% for the same period of the last year.

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