Allahabad Bank aims to raise its business to Rs2.20 lakh crore

Bhubaneswar, Feb 25 (PTI) Aiming at raising its businessup to Rs 2.20 lakh crore by this fiscal-end, Allahabad Banktoday said it has achieved business of Rs 2.07 lakh croreduring the first nine months of 2010-11.

"Our target is to increase the total business up to Rs2.20 lakh crore by March 31, 2011, while the business levelhad already touched Rs 2.07 lakh crore by December 31, 2010,"Allahabad Bank Executive Director D Sarkar told reporters.

Similarly, the profit level of the bank was Rs 1,166crore as on December 31, 2010 as against Rs 1,206 croreachieved last year, he said.

The bank''s net income has been up by 55.67 per cent,while the Net Interest Margin (NIM) surged to 3.44 per cent,Sarkar said, adding the number of branches would also increasefrom 2,403 to 2,425 very soon.

Sarkar said the bank''s Micro and Small Enterprises(MSE) credit grew from Rs 4,593 crore as on March 2009 to Rs8,188 crore as in March 2010, registering an absolute growthof Rs 3595 crore (78.27 per cent).

Share of Micro Enterprises to total Micro and SmallEnterprises has exceeded the National Goal of 60 per cent byachieving 62.25 per cent as in March 2010, he said.

Credit to Micro, Small and Medium Enterprises (MSME)increased to Rs 9770.71 crore as on March 31, 2010 showing agrowth of 77.39 per cent during 2009-10.

As the bank has 65 per cent of its branches in rural andsemi-urban areas, MSME and Agricultural lending has been anarea of priority of the bank, he said.

In Orissa, the total business of the bank stood at morethan Rs 4,100 crore comprising aggregate deposit of Rs 2,350crore and gross credit above Rs 1,750 crore as on January 31,2011, Sarkar said.