Allahabad Bank Q1 net profit falls by 73 per cent at Rs 112.72 cr

State-owned Allahabad Bank today reported 72.6 per cent decline in net profit to Rs 112.72 crore for the first quarter ended June 2014 on account of rise in bad debts.

The Kolkata-based public sector lender had posted a net profit of Rs 413.09 crore for the same period of last fiscal.

However, the total income during the quarter increased to Rs 5,518 crore, from Rs 5,064.95 crore in the year-ago period.

Operating profit increased to Rs 1,220 crore in the quarter, as against Rs 1,154 crore in the same period of the previous fiscal.

The net interest income during the quarter increased to Rs 1,610 crore as against Rs 1,312 crore in the same period a year ago.

As of June 30, Allahabad Bank's portfolio quality deteriorated further, with gross non-performing assets (NPAs) rising to 5.48 per cent of gross advances, as against 4.78 per cent year a year ago.

Its net non-performing assets during the second quarter rose to 3.88 per cent from 3.87 per cent in the period a year earlier.