Allahabad Bank today reported 17.8 per cent increase in net profit to Rs 276 crore for the quarter ended September 30, 2013, compared to the same period last year.
Allahabad Bank Chairperson and MD Subhalaksmi Panse told reporters that the rise in net profit was due to better recovery, improved management of investment portfolio and decrease in cost of deposits.
Total business of the bank at the end of second quarter stood at Rs 3.14 lakh crore, with deposits at Rs 1.80 lakh crore and advances at Rs 1.33 lakh crore.
Net interest margin (NIM) of the bank at the end of the quarter stood at 2.75 per cent.
Capital adequacy ratio (CAR) of the bank at the end of the quarter stood at 11.07 per cent.