Allahabad Bank intends to carry on with its present positive growth trend and obtain a business objective of Rs two lakh crore by the end of 2010. At the close of 3rd quarter, the bank had recorded a business of Rs 1.60 lakh crore and is geared to fulfill the Rs 1.75 lakh goal established for the 2009-10 financial year. This was stated by J.P. Dua, Allahabad Bank chairman and managing director.
At a press conference, Mr Dua said that now Allahabad Bank is placed as one of the leading public sector banks in India. It has 20,000 employees and high degree of customer satisfaction and is quite positive of retaining its desirable growth momentum and improving performance in the subsequent financial year.
He said further that while foreign banks recorded a negative growth of 9% and private and public sector banks recorded 9.5% and 16.5% growth rates, respectively, Allahabad Bank recorded a remarkable 24% growth in the present financial year.
The CMD said that the credit-deposit ratio of the bank was 69.75%, and the net profit of the bank went up to Rs 982 crore in the 9 month period that ended on 31st December 2009, which offered a yoy growth of 95%.
Talking about the new initiatives, Mr Dua said the bank had introduced a liberalized new plan for rice shelling units to fulfill their credit needs.
Moreover it is offering quick and easy loan to the current rice shelling entrepreneurs. Another scheme was also introduced to fund construction contractors to increase the growth in the mid- segment.
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