Allahabad Bank Maintains Its Surge Forward
Highlight of Events
Allahabad Bank, the oldest public sector bank, continues its upward trend in most of the performance parameters as evident from the Q-1 results of the Bank for the fiscal 2008-09. The trend of growth of business and profitability at the end of June, 2008 quarter is in conformity with the projection made for the quarter of the year 2008-09.
The highlights of the performance for the quarter-ended June 2008 are summarised as under:
- The Business of the Bank stood at Rs.1,23, 451 crores as on 30.06.2008 as against Rs.1,03,378 crores corresponding date previous year.
- Year-on-Year basis, the Business increased by 19.42%.
- Working Funds crosses Rs.85,000 crore mark to reach Rs.85,332 crore as on June-end, 2008
- Total Deposit of the Bank went up to Rs.73,207 crores as on 30.6.2008 from Rs.62,819 crores as on 30.6.2007.
- Year-on-Year basis, Total Deposits grew by 16.54%
- Market Share in aggregate deposits was 2.23% as at June-end 2008.
- Gross Credit was Rs.50,244 crores as on 30.6.2008 as against Rs.40,560 crores as on 30.6.2007
- Year-on-Year basis, the Gross Credit increased by 23.88%.
- Market share in advances stood at 2.08% as on 30.6.2008
- Gross Credit to Total Deposit ratio was 68.63% as at June-end 2008 as against 64.57% as at June-end, 2007.
- Operating Profit increased from Rs.288.87 crores during the quarter June, 2007 to Rs. 306.73 crores during quarter ended June’08, registering a growth of 6.18% during the period.
- Net Profit of the Bank was Rs.93.36 crores during quarter ended June’08 as against Rs.200.40 crores in the corresponding period last year.
(Decrease in profit is mainly attributable to general market scenario of increase in yield on Government securities (G-sec) for which Bank has to provide depreciation of Rs. 264.08 crores. During the corresponding quarter last year, Bank enjoyed a write back on this account amounting to Rs.34.60 crores. As such, the overall impact on profit the Bank has to sustain is to the tune of Rs.298.68 crores.)
- Gross NPA to Gross Advances further declined to 1.87% as at June-end 2008 from 2.46% as at June-end 2007.
- Net NPA to Net Advances ratio also reduced to 0.75% as at June-end 2008 from 0.76% as at June-end 2007.
- Capital Adequacy Ratio was 11.68% as at June-end 2008 against the stipulated norm of 9% computed under Basel II norms.
- Net Interest Margin (NIM) remains almost steady at 2.75% as on 30.6.2008 compared to position as on 31.3.2008.
- As at June-end 2008, Earning per share (EPS) stood at Rs. 8.36 and Book Value was Rs.118.88 increased from Rs.104.23 as on 30.6.2007.
- Return on Assets stood at 0.45% as on 30.6.2008.
- Business per employee rose from Rs.5.02 crores as on 30.6.2007 to Rs.6.05 crores as on 30.6.2008.
- Business per branch improved from Rs.49.06 crores to Rs.56.99 crores during the period.
- Non-Fund Non-Interest Income during the first quarter of 2008-09 was Rs. 107.26 crores as against Rs.101.12 crores during the corresponding quarter previous year showing an increase of 6.07%.
- Bank opened 12 more branches during the quarter taking total number of branches to 2165 (excluding 1 Foreign Branch). It has authorization for opening 115 more branches during the year of which 2 have already been opened and 113 remain to be opened. Bank has applied for authorization of 180 more branches.
- On technology front, Bank has computerized
100% of its business. CBS implementation is in full swing and till now 246 branches have been rolled over in CBS platform covering about 60% of Bank’s business. Cheque Truncation System introduced in 62 branches in New Delhi, will be further extended to Mumbai, Kolkata and Chennai.
- Bank has taken membership of Bank’s Codes & Standards Board of India (BCSBI) adopting a code of commitment to ensure fair & transparent treatment to individual customers.
- Bank completed its Debt Waiver & Relief Operations within the stipulated time on 30th June, 2008. As a mark of completion of this operations of national importance, the Chairman & Managing Director and the Executive Directors themselves visited certain branches to hand over debt relief certificates to beneficiary farmers.
- Debt Swapping Scheme launched by the Bank covers 9 debt stressed districts in Uttar Pradesh to free debt strapped farmers from non-institutional lenders. Up till now, Rs.17.35 Lacs were sanctioned to 129 farmers. Bank plans to increase credit to priority sector, Micro Finance segment among others.
Publicity Department
18.07.2008
Press Corner
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