Abbott India Q4 net dips 29 pc to Rs 42 cr

Abbott India Q4 net dips 29 pc to Rs 42 cr

Abbott India Q4 net dips 29 pc to Rs 42 cr

The city-headquartered bank's tax write-back almost doubled to Rs 1,016.88 crore for the March quarter of the last fiscal from Rs 515.06 crore for the corresponding period previous fiscal, the bank said in a regulatory filing.

Provisions and contingencies: The bank's provisions for bad loans and contingencies dropped to Rs 11,740.09 crore during March quarter from Rs 13,174.05 crore a year earlier.

India's largest bank State Bank of India reported a net profit of Rs. 2814 crore in its fourth quarter ended March, 2017, while its bad loans also fell to 6.9 per cent compared to 7.23 per cent in December 2016.

The bank's Net Interest Margin from domestic operations declined by 16 basic points year-on-year to 3.11% as on March 17 from 3.27% as on March 16 and increased by 8 basic points sequentially from 3.03% as on December 16.

The bank's total income in the quarter under review was at Rs 57,720.07 crore, up 7.8 per cent from Rs 53,526.97 crore in the corresponding period of the previous fiscal, the lender said in a regulatory filing.

Bond link aims to spur foreign inflows through Hong Kong
The 2,880-square-meter plot in Central was sold off by the government to Henderson Land, owned by the city's second-richest man, Lee Shau-kee.

PCR: The bank's provision coverage ratio (PCR) for the quarter stood at 65.95 per cent, compared with 62.87 per cent reported for the third quarter.

Allahabad Bank, Kolkata-based public sector lender, posted net profit of Rs 111 crore for Q4 as against Rs 581 crore in the year-ago period, helped by treasury gains.

The operating profit of the bank for the fourth quarter increased by 12.93 per cent, from Rs 14,192 crore in the year-ago period, to Rs 16,026 crore. Fee income rose 4.9 per cent from a year earlier to Rs 6,078 crore.

However, net NPA declined to 3.71 per cent as against 3.81 per cent a year ago.

The stock, which hit a 52-week high at Rs 315 soon after announcement of results, is now at Rs 309.30, up 2% from its previous closing price.

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