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.