Recent reports said that Allahabad bank, a leading public sector commercial bank in India has recorded Rs.2,07,785 crore as its total business as on end of December 2010 against Rs.1, 59, 843 crore in the previous year. The bank has achieved 30 % growth in its total business where it has decided to cross Rs.400000 crore in its total business and to open 2000 ATMs in the next three years.
The bank has also planned to increase its number of branches to 3,000 in within the next three years and open branches at Singapore, Shanghai, Bangladesh and Hong Kong. The bank has also been active in giving out Educational Loan, Home loan and Pensioners loan.
The deposits of the bank has gone up to Rs. 1, 20, 948 crore from Rs. 94, 164 crore last year. The market share of the deposits which was 2.19% last year has become 2.42% this year. The CASA (current and savings account) deposits have grown up by 22% to Rs.40230 crore which has taken the CASA ratio from 35.41% to 33.41%.
The Net Interest margin which was 2.97% has grown up to 3.44% this year. Reports also said that the government has decided to infuse Rs.670 crore in Allahabad Bank which will raise the governments holding in the bank to 58% and the bank’s provision coverage ratio is 80.22% at the end of December 2010.