Kolkata, Aug 27: The business and assets of Allahabad Bank have been registering unprecedented growth, making it one of the leading nationalised banks of India, and prompting the opening of the Andul branch in Howrah, an industrial hub having concentration of MSME and ancillary sectors.
The branch has been set up under the Kolkata (Urban) zonal office. The total business of the zone is Rs 3,157.56 crore of which deposit is Rs 2492.56 crore and advances are Rs 665 crore and 66 per cent of the credit has been deployed in priority sector, executive director J P Dua said. Inaugurating the branch on Tuesday, Aug 26 Mr Dua said the Allahabad Bank, the oldest public sector bank, was on a high performance trajectory consistently going upwards.
The annual results for the year 2007-09 showed impressive performance in almost all banking parameters.
The business of the Bank grew by 20.18 per cent during the year to reach Rs 1,21,928 crore.
The Bank showed its operating profit at Rs 1,479.51 crore for 2007-08, recording an increase of 34.51 per cent over last year.
The Bank's net profit also soared to Rs 974.74 crore during the year recording a robust rise of 29.94 per cent over last year.
With the increase in business, the Bank was also giving high priority to increase credit flow to priority and MSME sectors, improving customer service by technology upgradation, expanding CBS platform, introducing tailor-made products to meet emerging need of the customers and quick redressal of grievances, Mr Dua added.
The new office is the 2,172nd branch of the country (excluding one overseas branch) and 466th in West Bengal. Andul's office is the 26th branch in Howrah district.
Considering the potential and economic possibilities, the Bank has decided to increase its presence in the district, Mr Dua added.