Allahabad Bank Q4 net up 55.36% at Rs 400.22 cr
Last year's results were hurt by $1.1 billion in insurance losses from the Japanese earthquake and tsunami, Australian floods and the New Zealand earthquake.
State-run lender Allahabad Bank posted an increase of 55.36 per cent in net profit at Rs 400.22 crore for the fourth quarter ended March 31.
The bank had posted net profit of Rs 257.60 crore in the January-March quarter of 2010-11.
During the quarter, operating profit of the bank rose by 15.52 per cent at Rs 901 crore as compared to Rs 780 crore in the year-ago period.
Net interest margin (NIM) of the bank during the quarter stood at 3.23 per cent, Allahabad Bank Chairman and Managing Director J P Dua told reporters.
"Our guidance on NIM for the first quarter of current fiscal is more than three per cent," he said.
During the full year ended March, 2012, the bank's total business stood at Rs 2.71 lakh crore.
"This fiscal, our target is Rs 3.20 lakh crore, out of which Rs 1.88 lakh crore will be deposits and Rs 1.32 lakh crore as advances", he said.
Dua said that the bank's capital adequacy ratio was comfortable.
During the fiscal, the bank would open 250 branches and 1,000 ATMs, he said.