Allahabad Bank Q4-11standalone profit posted a growth of 15%

Posted By: Religare
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Allahabad Bank Q4-11standalone profit
Allahabad Bank announced its Standalone audited financial results for the fourth quarter ending March 31, 2011 on Monday. The company recorded a net profit of Rs. 2,576.1 million for the same period as compared to net profit of Rs. 2,245.1 million reported during the corresponding period in 2010.

This is equivalent to a growth of 14.74%. Taking the twelve month period from April - March 2011 into account, the value of the net profit stood at Rs. 14,231.1 million, as against the value of Rs. 12,063.3 million reported during the corresponding period. While, total income of the company during the quarter ending March 31, 2011 stood at Rs. 35,886.8 million, as compared to Rs. 26,086.0 million for corresponding quarter of 2010, i.e. a growth of 37.57% for fourth quarter.

Taking the twelve month period from April-March 2011, into consideration, total income was reported as Rs. 123,851.0 million, i.e. a growth of about 25.2% over the corresponding value of Rs. 98,851.0 million for the year ago period. Moreover, the standalone EPS of the company during the twelve months i.e. from April - March 2011, increased to Rs. 31.85 as against Rs. 27.01 in the year ago period of 2010.

On the Consolidated front, the company recorded a net profit of Rs. 14,395.3 million for the period from April - March 2011 as compared to net profit of Rs. 12,284.6 million reported during the corresponding period in 2010. This is equivalent to a growth of 17.18%.

While, the total income of the company during the year ending March 31, 2011 stood at Rs. 124,722.3 million, as compared to Rs.99,448.9 million for corresponding quarter of 2010, i.e. a growth of 25.41%. Moreover, the consolidated EPS of the company during the twelve months i.e. from April - March 2011, increased to Rs. 32.22 as against Rs. 27.50 in the year ago period of 2010.

Allahabad Bank Board of Directors at its meeting held on May 02, 2011, inter alia, have recommended dividend @ 60% on the equity share capital i.e. Rs. 6 per equity share of face value of Rs. 10.00 each subject to approval by Govt. of India.

On the Bombay stock exchange (BSE), the shares of the company (on 2nd May, 2011) closed down by 3.17% at Rs. 198.40 on the BSE.

The scrip has touched an intraday high of Rs. 207.00 and a low of Rs. 195.00 so far. In addition the bank has forecasted to achieve a growth of 25% in the business and reach at Rs 2,80,000 crore by 2012. For the same it is planning to increase its branches and ATM to 155 and 500 respectively.

Read more about: allahabad bank, results, bse, nse
Story first published: Wednesday, May 4, 2011, 9:30 [IST]
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