Allahabad Bank registers 7 pc growth last fiscal

State-owned Allahabad Bank has registered a growth of 7 per cent in the last financial year.

"In the fiscal 2013-14, the bank's business stood at Rs 3.31 lakh crore, with deposits at Rs 1.90 lakh crore and advances at Rs 1.41 lakh crore," bank's chairman and managing director Rakesh Sethi told reporters here today.

He said that in the absence of takers of any corporate credit, the bank was now focusing on farm credit, retail and the MSME sector.

The newly-appointed CMD said that the bank would target arresting of slippages as well as maintaining asset quality.

Although the bank had obtained the RBI approval for qualified institutional placement (QIP), Sethi said the government nod was yet to come.

He said that the bank would raise Rs 320 crore from the market through QIP once the government approval was accorded to it.

The bank would celebrate its 150th year of existence tomorrow. It would open 150 units of branches, ATMs and e-lobbies tomorrow.

He said that the bank was eyeing the semi-urban and rural areas for growth.


Source: Economic Times