ALLAHABAD BANK = RESULTS = FOR Q3 FY 2011 = QTR ENDING DECEMBER 2010 = NET PROFIT UP 20.39% = Q EPS Rs.9.31 = GOOD PERFORMANCE

Allahabad Bank

NSE Symbol ALBK

ALLAHABAD BANK has produced very good set of results in current quarter of Q3 FY 2011.

Interest on Advances is : Rs.2131 cr – up by       7.4% from previous qtr and by a good 33.56% from corresponding quarter of Q3 FY 2010.

Income on Investments : is Rs.712 cr – up by 12.82% from previous qtr and by 41.02% from corresponding qtr of FY 10.

Net Interest Income : is Rs.1052 cr – up by 8.51% from previous qtr and by  a huge 55.67% from corresponding qtr.

Total Income : is Rs.3113 cr – up by 4.41% from previous qtr and by 27.21% from corresponding qtr.

OPERATING PROFIT is Rs.788 cr – up by 0.88% from previous qtr and by 21.27% from corresponding qtr.

Provisions  : is Rs.235.88 cr – compared to Rs.271.44 cr in previous qtr and Rs.246.28 cr in corresponding qtr.

NET PROFIT : is Rs.416 cr – up by 3.29% from previous qtr and by 20.39% from corresponding qtr.

Capital Adequacy Ratio : is good at  12.78.

Basic EPS     : is Rs.9.31 against Rs.9.01 in previous qtr and  Rs.7.73 in corresponding qtr.

The % of Gross/ net NPA is quite reasonable at 0.59. The same was 0.56 in previous qtr and 0.35 in corresponding qtr.

 Return on Assets : is good at 1.28.

PE RATIO : Current MP is Rs.198.  Current year EPS can be above Rs.35.4. On this basis, PE Ratio is 5.59.

The Banking sector, public and Private has been consistently performing well and deserves much better valuations. Allahabad Bank at PE ratio is 5.59 is low priced. In coming Qtrs, it can further improve on its already good and consistent performance.

RESULTS TABLE :

Allahabad bank	31-Dec-10	30-Sep-10	30-Jun-10	31-Mar-10	31-Dec-09
Interest on Advances	213094	198404.7	181065.9	166367.37	159551.76
dif %1	2131	7.4	17.69	28.09	33.56
Income on Investments	71172	63081.95	58162.22	53866.91	50469.57
Dif %2	712	12.82	22.37	32.13	41.02
Income on Balances With RBI	1083	1429.74	795.13	418.86	753.73
Others	196	775.75	288.92	3.77	0.46
Interest Earned	285545	263692.14	240312.17	220656.91	210775.52
Other Income	25764	34474.35	29855.97	40203.36	33953.02
Total Income	311309	298166.49	270168.14	260860.27	244728.54
dif %3	3113	4.41	15.23	19.34	27.21
Interest Expended	180381	166772.56	155278.13	146396.63	143218.94
NII	105164	96919.58	85034.04	74260.28	67556.58
DIF %4	1052	8.51	23.67	41.62	55.67
Employees Cost	31959	35034.58	28528.02	30571.8	20935.12
Other Operating Expenses	20126	18206.22	15904	18096.88	15561.56
Operating Expenses	52085	53240.8	44432.02	48668.68	36496.68
Operating Profit	78843	78153.13	70457.99	65794.96	65012.92
OPT DIFF	788	0.88	11.9	19.83	21.27
Provisions	23588	27144.09	15105.05	29715.57	24628.4
Exceptional Items	-	-	-	13628.7	-
Tax Expense	13675	10752.47	20638.71	-	5847.73
Net Profit	41580	40256.57	34714.23	22450.69	34536.79
DIF %5	416	3.29	19.78	85.21	20.39
Face Value (in Rs.)	10	10	10	10	10
Paid-up Equity	44670	44670	44670	44670	44670
Capital Adequacy Ratio	12.78	13.49	13.55	13.62	15
Basic EPS	9.31	9.01	7.77	5.03	7.73
% of Gross/Net NPA	0.59	0.56	0.41	0.66	0.35
Return on Assets	1.28	1.28	1.16	1.16	1.31
Public holding (%)	44.77	44.77	44.77	44.77	44.77

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