Allahabad Bank targets 24 per cent rise in business

Kolkata, May 3 (UNI) Public sector Allahabad Bank has set a target of about 24 per cent increase in business at Rs 150,000 crore in 2008-09 with substantial rise in deposits and advances.

'' We have a business target of achieving the Rs 150,000 crore mark in 2008-09 with 17-18 per cent rise in deposit and 20 per cent increase in credit. While deposits are to be taken to Rs 87,000-88,000 crore, the advance target has been set at Rs 62,000 crore, '' Chairman and Managing Director A C Mahajan said here today while announcing the Bank's annual results for 2007-08.

The Bank achieved 34.81 per cent jump in net profit at Rs 161.51 crore during the fourth quarter of the last financial year ending March 31, 2007 as compared to Rs 125.74 crore recorded during the corresponding period last year.

The total income rose to Rs 1,980.17 crore in the latest quarter, from Rs 1,519.29 crore in the year-ago period, Chairman and Managing Director A C Mahajan announced.

The Board of Directors declared a dividend of 30 per cent at the rate Rs three per Rs 10 share for the FY 2007-08.

For the financial year ended March 31, the Bank posted 29.94 per cent growth in net profit at 974.74 crore as against Rs 750.14 crore in 2006-07.

The total income rose by 36 per cent to Rs 7,156.41 crore during year ended March 31, from Rs 5,267.21 crore in the previous fiscal.

Mr Mahajan said business of the Bank reached Rs 1,21,928 crore as on March 31, 2008 from Rs 1.01,457 crore as on March 31, 2007.

The total deposit of the Bank increased to Rs 71, 616 crore from Rs 59,544 crore and the gross advance shot up to Rs 50,312 crore from Rs 41,914 crore, respectively increasing by 20.27 per cent and 20.04 per cent.

The total income rose to Rs 7,135.97 crore for 2007-08 from Rs 5,260.26 crore in the last fiscal.

Mr Mahajan said the net NPA to net advances further reduced to 0.80 per cent during the last financial year from 1.07 per cent in the previous year.

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