State-owned Allahabad Bank on Thursday reported 49 per cent decline in net profit at Rs 141.44 crore for the second quarter ended September on higher tax outgo and fall in other income.
The bank’s net profit in the corresponding quarter of 2013-14 stood at Rs 275.81 crore.
“Total income has increased from Rs 5,303.06 crore for the quarter ended September 30, 2013 to Rs 5,416.63 crore for the quarter ended September 30, 2014,” the bank said in a filing to the BSE.
The lender’s tax expenses rose to Rs 285.29 crore in the second quarter of FY15, against Rs 135.54 crore a year ago.
Other income fell to Rs 515.55 crore during the quarter, from Rs 695.99 crore.
Besides, Allahabad Bank trimmed its provisions towards bad loans during the quarter to Rs 729.95 crore, from Rs 742.19 crore a year ago.
On the asset quality side, the gross non-performing assets (NPAs) or bad loans of the bank increased to 5.36 per cent of the total advances in Q2-FY15, while it stood at 4.94 per cent in the same quarter of previous fiscal.
Net NPAs, however, were brought down to 3.54 per cent during the quarter under review, from 3.83 per cent a year ago.
Allahabad Bank shares were trading 4.85 per cent up at Rs 111.70 per scrip during afternoon session on the BSE.
