Allhabad Bank's net profit jumps to Rs 624.41 crore till Dec

Kolkata, Jan 24 (UNI) The city-based Allahabad Bank has earned a net profit of Rs 624.41 crore during the first nine months of the current fiscal, while its total business during the same period was up by a whopping 31.64 per cent to Rs 95,237 crore.

Speaking to newsmen here, Allahabad Bank Chairman and Managing Director A C Mahajan today said the Bank's operating profit during the same period was to the tune of Rs 776.70 crore, 12.56 per cent more than the previous year.

The total deposit of the Bank from April to December also jacked up to Rs 56,523 crore, 17.01 per cent higher than the previous year, Mr Mahajan said adding gross credit during the first nine months of the current fiscal went up by nearly 40 per cent to Rs 38,714 crore, compared to Rs 36,470 crore in December, 2005.

Mr Mahajan announced that the Bank's first overseas branch would be opened in Hong Kong by March, 2007, besides another 95 branches across the country.

He said greater thrust would be accorded on retail banking, adding core banking solution would be extended to over 600 branches by March, 2007.

" We have also applied to the RBI for opening 167 more branches in different states, particularly in the South and in the Northeast to broadbase our pan-India presence and hope to receive the necessary green signal by July-August this year, " Mr Mahajan stated.

Asked about his plan to increase the capital inflow of the Bank, Mr Mahajan said though there was no plan to go public to raise further fund with the Bank's capital adequacy ratio being comfortably placed at over 12.5 per cent, if required they might opt for some Tier II capital later this year.

To another query, he also ruled out the possibility of either acquiring any smaller Bank or going forward towards Allahabad Bank's merger with some other financial institutions.

" We are not exploring any such probability now since our focus is different, " Mr Mahajan said.

UNI ABA SJC DB1840 up by a healthy 12.38 per cent growth from the corresponmding period of the previous year.