Payment of Final Dividend for the Year 2003-2004 to the Government by Allahabad Bank

Allahabad Bank Chairman & Managing Director Mr. O. N. Singh presented a cheque of Rs24.67 crores on July 19 to the Finance Minister Mr. P. Chidambaram as the final dividend for the year 2003-04.

The bank has reported a 102 percent jump in the net profit in the first quarter of the financial year 2004-05 from Rs 67.97 crores in the corresponding period last year to Rs 137.65 crores.

The total business of the bank during the year has increased by 31% from Rs 47865 crores in March 2004 to Rs 51675 crores in June’2004.

The net NPA to Net Advances ratio declined from 2.37% in Mar 2004 to 1.69% in June 2004.

When enquired about the future plans for the bank Mr. Singh stated “the bank is looking to augment its Capital base in the near future and planning to raise its Share Capital through ADRs or a Right issue around October or November 2004”