Allahabad Bank's net profit plunges 53 percent in FY08 Q1, blames depreciation in investments
State-run Allahabad Bank has reported a 53 percent drop in net profit for the fiscal quarter ended June 30, 2008, blaming the fall on higher depreciation on government securities.
The bank's net profit for Q1 of FY09 stood at Rs.93.36 crore as against Rs.200.39 crore posted in the corresponding period of the previous year (FY08) (year-on-year or YoY decline of 53.41 percent).
The bank's total income, however, rose 20.48 percent (YoY) from Rs.1535.10 crore to Rs.1849.63 crore.
The total business of the bank stood at Rs.1,23,451 crore as on June 30, 2008 against Rs.1,03,378 crore as on June 30, 2007 (YoY rise of 19.42 percent).
The bank's income on investments grew from Rs.402.46 crore to Rs.488.32 crore (YoY rise of 21.33 percent).
Total deposit of the bank went up 16.54 percent (YoY) from Rs.62,819 crore to Rs.73,207 crore during the quarter under review.
Gross credit in Q1 of FY09 stood at Rs.50,244 crore as against Rs.40,560 crore in Q1 of FY08 (YoY rise of 23.87 percent).
Operating profit increased from Rs.288.87 crore in Q1 of FY08 to Rs.306.73 crore in Q1 of FY09 (YoY growth of 6.18 percent).
The bank's earnings per share or EPS declined from Rs.4.49 to Rs.2.09 (YoY decline of 53.45 percent).
The bank has provided mark-to-market depreciation of Rs.264.08 crore for the quarter under review as yields on government securities have crossed 9.5 percent, bank officials said.
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