Allahabad Bank banks on strong quarterly earnings

Allahabad Bank jumped 5.57% to Rs 91.90 at 13:00 IST on BSE after posting 34.8% surge in net profit to Rs 169.51 crore on 30.3% rise in operating income to Rs 1980.17 crore in Q4 March 2008 over Q4 March 2007.

The stock hit a high of Rs 92.60 and a low of Rs 88 so far during the day. The stock had a 52-week high of Rs 143 on 3 January 2008 and a 52-week low of Rs 70.05 on 19 March 2008.

The bank’s current equity is Rs 446.70 crore. Face value per share is Rs 10.

The current price of Rs 91.90 discounts its Q4 March 2008 annualised EPS of Rs 15.18, by a PE multiple of 6.05.

Allahabad Bank’s net profit rose 29.94% to Rs 974.74 crore on 35.66% rise in total income to Rs 7135.97 crore in the year ended March 2008 over the year ended March 2007.

Allahabad Bank cut its benchmark prime-lending rate by 25 basis points to 13% with effect from 1 April 2008.

Allahabad Bank provides treasury and banking operations. The activities include accepting deposits, lending loans and to provide other financial related services.