Allahabad Bank Ltd - Q4FY13 Result - First-Cut - Microsec

Allahabad Bank Ltd announced its Q4FY13 result on 7th May 2013.

The bank's total income declined by 5.41% QoQ and 3.83% YoY to INR1580.56 crores on account of 20.61% QoQ and 18.03% YoY decline in Net Interest Income (NII). Whereas, Profit After Tax (PAT) declined by 59.42% QoQ and 68.48% YoY to INR126.15 crores, due to higher non-performing assets which lead to higher provisions.

During the quarter, Bank's loan book and total deposits expanded by 16.51% and 12.00% YoY to INR129489.65 and INR178741.60 crores respectively. On the asset quality front, Bank's asset quality is still a matter of concern. GNPA and NNPA increased by 101 and 113bps QoQ and 209 and 221bps YoY to 3.92% and 3.19% respectively. Moreover, Net Interest Margin decreased by 72bps QoQ and 93bps YoY to 2.30% due to high cost of capital and bad loans. Capital Adequacy Ratio (CAR) stood at 11.03%, which is 2.03% higher than the regulator's stipulated norm. Provision Coverage Ratio (PCR) stood at unsatisfactory level of 50%.

The loan restructured book stood at INR14875 crores of which INR1970 crores was added during the quarter.

In FY13, Bank's topline declined by 1.83% YoY to INR6343.32 crores. Whereas, bottom line declined by 36.51% YoY to INR1185.21 crores.

The Board of Directors has recommended a dividend @60% on the equity share capital i.e. INR6 per equity share of face value of INR10 each.

Source : Equity Bulls

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