RETAIL BANKING | Cesar Tordesillas, India

Allahabad Bank's net profit up 21.22%

Allahabad Bank registered a net profit of Rs.488.01 crore for the second quarter ended Sep 30, 2011, from Rs.402.57 crore last year. This figure represents a growth of 21.22 percent.

Bank chairman and managing director J.P. Dua ascribed the good results to "leveraging the network operation."

The Kolkata-headquartered bank's operating profit increased to Rs.949.29 crore during the period under review from Rs.781.53 crore during the corresponding period last year, registering a growth of 21.47 percent.

Net interest income (NII) of Rs.1318.23 crore, during the second quarter of this financial year, showed a growth of 36.01 percent.

Deposits of the bank went up to Rs.142,043 crore as on Sep 30, 2011 from Rs.113,633 crore on Sep 30, 2010, showing a year-on-year growth of 25 percent.

Gross credit was Rs.96,854 crore as on Sep 30, 2011, as against Rs.83,183 crore as on Sep 30, 2010. Year-on-year basis, the gross credit growth was 16.44 percent.

'Our total business was Rs.238,000 crore as of Sep 30 this year. We have a target of Rs.280,000 crore total business at the end of the current fiscal,' Dua said.

Dua said last year the government had infused Rs.670 crore and this year the bank was hopeful of getting Rs.1,000 crore.

The bank has planned to open 155 new branches and 500 ATMs within the financial year 2011-12.

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