Allahabad Bank's Q1 profit zooms 224 percent

State-run Allahabad Bank posted a net profit of Rs.302.86 crore (Rs.3.02 billion) for the first quarter of 2009 as compared to Rs.93.36 crore for the same period last year, a top company official said here Saturday.

The net profit was up by 224 percent due to higher investment trading profit of Rs.214 crore, up from Rs.32.2 crore a year ago.

"A volatile money market offers opportunity to make treasury profits," Chairman and Managing Director K.R. Kamath told reporters.

Kamath said last fiscal's (2008-09) treasury income level of Rs.575 crore would be maintained during 2009-10.

Apart from trading profit, Kamath attributed jump in quarterly profit over previous year to growth in net interest margin (NIM) to 3 percent from 2.6 percent a year ago.

"We expect to maintain NIM at 2.88 percent during the current year," he said.