Allahabad Bank Q4 profit falls 68.5% at Rs 126.15 cr

State-owned Allahabad Bank today posted 68.5% decline in net profit at Rs 126.15 crore for the fourth quarter ended March 31, 2013 on account of rise in bad loans.

State-owned Allahabad Bank on Tuesday posted 68.5% decline in net profit at Rs 126.15 crore for the fourth quarter ended March 31, 2013 on account of rise in bad loans.

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The bank had a net profit of Rs 400.22 crore in the same period last year, Allahabad Bank said in a filing to the BSE.

Gross non-performing assets (NPAs), as a proportion of advances, increased to 3.92% at the end of March 2013, against 1.83% in the previous fiscal. Net NPAs also rose to 3.19% during the year from 0.98% at the end of March 2012.

Total income of the bank rose to Rs 4,776.90 crore in January-March quarter compared to Rs 4,523.38 crore in the same period previous fiscal.

The Kolkata-based bank proposed a dividend of 60%, or Rs 6, per share for 2012-2013.

For the entire fiscal ended March 31, 2013, the bank's net profit declined 7% at Rs 1,185.21 crore, compared to Rs 1,866.78 crore in 2011-12.

Total income increased to Rs 18,912.60 crore during the year, compared to Rs 16,821.96 crore in the previous fiscal.