Allahabad Bank hopes to continue its current positive growth trend and achieve a business target of Rs two lakh crore by the end of this year.
By the end of the third quarter, the Bank had registered a business of Rs 1.60 lakh crore and is all poised to meet the Rs 1.75 lakh target set for the 2009-10 fiscal, according to.
Allahabad Bank chairman and managing director J.P. Dua.
“Allahabad Bank now stands as one among the top ranking public sector banks in the country. With a dedicated workforces of 20,000 and excellent customer satisfaction in our kitty, we are quite optimistic not only to maintain our enviable growth momentum but also improve our performances in the next fiscal”, Mr Dua said at a press conference.
Stating that foreign banks registered a negative growth of 9% and private and public sector banks posted 9.5% and 16.5% growth rates, respectively, Mr Dua expressed his happiness over the Allahabad Bank registering an enviable 24% growth during the current fiscal.
Stating that the credit-deposit ratio of the bank stood at 69.75%, the CMD said the net profit of the bank rose to Rs 982 crore during the nine months period ending December 31, 2009, a year-over- year (YOY) growth of 95%.
Focusing on the new initiatives, Mr Dua said the bank had launched a liberalized new scheme for rice shelling units to meet the credit requirements of the entrepreneurs.
Besides, it is also granting “speedy” and “hassle-free” loan to the existing rice shelling entrepreneurs, he informed, adding, a new scheme was also launched to finance construction contractors in order to boost the growth in the mid-segment.
Source : http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/Allahabad-Bank-targets-2-lakh-crore-business-by-year-end/articleshow/5528588.cms
By the end of the third quarter, the Bank had registered a business of Rs 1.60 lakh crore and is all poised to meet the Rs 1.75 lakh target set for the 2009-10 fiscal, according to.
Allahabad Bank chairman and managing director J.P. Dua.
“Allahabad Bank now stands as one among the top ranking public sector banks in the country. With a dedicated workforces of 20,000 and excellent customer satisfaction in our kitty, we are quite optimistic not only to maintain our enviable growth momentum but also improve our performances in the next fiscal”, Mr Dua said at a press conference.
Stating that foreign banks registered a negative growth of 9% and private and public sector banks posted 9.5% and 16.5% growth rates, respectively, Mr Dua expressed his happiness over the Allahabad Bank registering an enviable 24% growth during the current fiscal.
Stating that the credit-deposit ratio of the bank stood at 69.75%, the CMD said the net profit of the bank rose to Rs 982 crore during the nine months period ending December 31, 2009, a year-over- year (YOY) growth of 95%.
Focusing on the new initiatives, Mr Dua said the bank had launched a liberalized new scheme for rice shelling units to meet the credit requirements of the entrepreneurs.
Besides, it is also granting “speedy” and “hassle-free” loan to the existing rice shelling entrepreneurs, he informed, adding, a new scheme was also launched to finance construction contractors in order to boost the growth in the mid-segment.
Source : http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/Allahabad-Bank-targets-2-lakh-crore-business-by-year-end/articleshow/5528588.cms
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