Allahabad Bank Q4 2013 net profits slump; stocks down 4%

Allahabad Bank today reported a sharp drop in net profits for the 4th quarter ending March 31, 2013to Rs 126 crores in comparison to Rs 310 crores in the previous quarter.

Total income was also marginally lower at Rs 4777 crores for Q4 2013 as compared to Rs 4785 crores reported in the third quarter.

Gross non performing assets was higher at 3.92 per cent, while the net non performing assets was placed at 3.19 per cent. The board of directors of the bank have recommended a dividend of Rs 6 per share.

Shares of the bank were down 4 per cent on the Bombay Stock Exchange at Rs 127 per share.

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