Allahabad Bank has targeted a business growth of 24 per cent

By | May 14, 2011

A recent press report said that the state-run Allahabad Bank has planned to achieve a business growth of 24 per cent during the current financial year 2011-12.

Mr. J.P Dua, chairman and managing director of the bank said that the bank has projected a business level of around Rs.2, 80,000 crore as in March 2012. He added saying that the bank has planned to increase its presence abroad by opening more overseas branches.

One of the important functions of the Bank is to accept deposits from the public for the purpose of lending. The other services of the bank include international banking, education loans, home loan, personal loan etc. The bank currently has an overseas branch at Hong Kong as well as a representative office at Schenzen, China.

Mr. Dua added saying that the bank has planned to issue medium-term note (MTN) of around $500 million. He said that the bank has also planned to open around 150 branches and 500 Automated Teller Machines (ATMs) in the current financial year. Shareholders of the bank have accepted a dividend of Rs 6 per equity share of face value Rs 10 for 2010-11, at the bank’s ninth annual general meeting.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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