Allahabad Bank net Rs 200cr in Q1, business above Rs one lakh cr

Kolkata, Jul 14 (UNI) Allahabad Bank, a leading public sector bank, has recorded a net profit of Rs 200.40 crore compared to Rs 128.35 crore in the corresponding period in the previous year, registering a growth of 56.26 per cent.

The total business of the bank has crossed Rs 1,03,000 crore mark as on June end 2007 compared to Rs 1,01,458 crore in 2006-07, a growth of 1.89 per cent.

Speaking to mediapersons here today, Bank CMD A C Mahajan said, ''Such a good performance has been possible in the first quarter due to NPA management of RS 148 crore in the current quarter. Last year, we had set up NPA Recovery centres in West Bengal and UP.'' Elaborating the reasons behind such good performance, he said the bank has controlled expenditure and the interest income has been recorded at Rs 1440 crore.

The operating profit of the bank stood at Rs 288.87 crore in Q1 compared to Rs 207.43 crore in the corresponding period in the previous year, registering an increase of 39.26 per cent.

UNI