New Delhi: State-run lender Allahabad Bank on Thursday said its net profit fell by about 50 percent to Rs 164.11 crore in the third quarter of 2014-15 due to higher outgo on employee cost and taxes.
The bank's net profit in the same quarter last year stood at Rs 325.36 crore.
"Total income has increased from Rs 5,306.74 crore for the quarter ended December 31, 2013 to Rs 5,386.79 crore for the quarter ended December 31, 2014," it said in a BSE filing.
Bank's tax expenses grew to Rs 266.94 crore during October-December quarter of 2014-15, up from Rs 127.54 crore in the previous fiscal.
On the employee cost front, the outgo was at Rs 630.97 crore in the third quarter of 2014-15, up from Rs 556.91 crore a year ago.
Bank asset quality however improved with gross bad loans or non-performing assets (NPAs) of gross advances coming down to 5.46 percent from 5.47 percent a year ago.
Net NPAs to net advances too improved with a ratio of 3.89 percent during the quarter under review,
from 4.19 percent year earlier.
Shares of Allahabad Bank closed at Rs 107.30 apiece on BSE, down 3.07 percent.
