Allahabad Bank - Scope for Improvement
Wednesday, May 07, 2008Allahabad Bank reported a net profit of Rs1.6bn for Q4FY08, below expectations. However the NII at Rs4.4bn was inline with expectations. The operating performance deteriorated during the quarter with NII falling by 5%yoy. The fee income remained flat at Rs1.1bn due to high base effect on last year. With sharp jump in the Opex, the core operating profit has declined by 19.0% yoy. However, with higher treasury gains and lower tax rate, the net profit has grown by 35% yoy.
The asset quality continued to improve with gross NPA declining to 2.0% of assets (2.6% last year) and net NPA of less than 0.8 %
Recent Corporate Earnings / Breaking News
- Toshiba + JSW for Turbine Joint Venture
- Power Trading Corporation - Margins Tripped
- JSW Steel - Hit by Rising Cost
- Elder Pharma - Strong Dose of Results
- GMR - Sabiha Gokcen International Airport
- Omaxe embraces Spa + Massage Business
- Adlabs Films + Lotus Five Star Cinemas Deal
- Bharati Shipyard - Slowing Down
- Balrampur Chini - Margins Sweetening
- Bears Hug Moser Baer
