Allahabad Bank has set a growth rate of 22-25 per cent annually and for the current financial year the aim was to reach a target of Rs. 220,000 crore in respect of total business, according to J. P. Dua, Chairman and Managing Director.
Addressing presspersons here on Tuesday, Mr. Dua said the thrust would be on improving the CASA (current account savings account) ratio and lending to infrastructure projects, SME (small-medium enterprises) and the retail sector. The bank would focus more on South in general and Tamil Nadu in particular. The bank had added 15 branches in Tamil Nadu in the last two years and had a total branch network of 50 in the State. The plan was to have branches in all the districts. At the all-India level, the bank had a network of 2,318 branches. It had planned to expand its overseas presence by opening a branch in Dhaka, Bangladesh, and to upgrade its representative office at Shenzhen, China, into a full-fledged branch.
In the first three months ended June 30, 2010, the bank has reported a total income of 2,701.68 crore against Rs. 2,377.70 crore. The operating profit was Rs. 704.58 crore against Rs. 590.63 crore with retail banking contributing a large share of Rs. 318.74 crore (Rs. 195.22 crore) The net profit has risen by 14.6 per cent to Rs. 347.14 crore from Rs. 302.86 crore in the year-ago period.
