Allahabad Bank aims to raise biz to Rs 2.20 lakh cr

Press Trust of India / Bhubaneswar February 25, 2011, 20:57 IST

Aiming at raising its business up to Rs 2.20 lakh crore by this fiscal-end, Allahabad Bank today said it has achieved business of Rs 2.07 lakh crore during the first nine months of 2010-11.

"Our target is to increase the total business up to Rs 2.20 lakh crore by March 31, 2011, while the business level had already touched Rs 2.07 lakh crore by December 31, 2010," Allahabad Bank Executive Director D Sarkar told reporters.

Similarly, the profit level of the bank was Rs 1,166 crore as on December 31, 2010 as against Rs 1,206 crore achieved last year, he said.

The bank's net income has been up by 55.67%, while the Net Interest Margin (NIM) surged to 3.44%, Sarkar said, adding the number of branches would also increase from 2,403 to 2,425 very soon.

Sarkar said the bank's Micro and Small Enterprises (MSE) credit grew from Rs 4,593 crore as on March 2009 to Rs 8,188 crore as in March 2010, registering an absolute growth of Rs 3595 crore (78.27%).

Share of Micro Enterprises to total Micro and Small Enterprises has exceeded the National Goal of 60% by achieving 62.25% as in March 2010, he said.

Credit to Micro, Small and Medium Enterprises (MSME) increased to Rs 9770.71 crore as on March 31, 2010 showing a growth of 77.39% during 2009-10.

As the bank has 65% of its branches in rural and semi-urban areas, MSME and Agricultural lending has been an area of priority of the bank, he said.

In Orissa, the total business of the bank stood at more than Rs 4,100 crore comprising aggregate deposit of Rs 2,350 crore and gross credit above Rs 1,750 crore as on January 31, 2011, Sarkar said.

Source: Business Standard