Allahabad Bank today announced its first quarter results for FY12. Chairman and managing director of the company, JP Dua said that the net interest income had grown by 38.24% from Rs 850 crore to Rs 1,176 crore.
Net profit of Allahabad Bank during the first quarter of FY12 increased 20.45% at Rs 418.13 crore as against Rs 347 crore in the same period previous fiscal.
Announcing the results, Dua said that total business of bank at the Q1 grew 26.36% at Rs 2.32 lakh crore.
The target is to grow the business by 25% by the end of the current fiscal, Dua told reporters today.
Net interest margin (NIM) of the bank during the first quarter stood at 3.40% as compared to 3.10% in the previous first quarter.
NPA recovery during the first quarter was Rs 250 crore, Dua said.
To a query, Dua said that the bank was in the midst of capital planning exercise and would shortly approach the government for seeking capital.
At present, the bank's capital position was comfortable.
However, cost to income ratio has come down from 43.36% as of last year to 39.13%. The gross NPA has come down to 1.62% from 1.74% as of March 31. The net NPA has come down from 0.79% to 0.60%, Dua added.
Capital adequacy ratio of the bank was 12.75% as on June 30, 2011.
Fee-based income during the quarter was at Rs 207 crore as compared to Rs 170.29 crore in the same previous corresponding period. Also watch the accompanying video for complete press conference.
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