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NT Bureau
Chennai, July 21:

        It's growth all the way for Allahabad Bank as evident from the performance parameters in first quarter of this fiscal. Interestingly, the bank has already crossed a milestone with Rs 1 lakh crore business as at March-end 2007.

        Disclosing the Q1 results, Allahabad Bank chairman and managing director Avinash Chander Mahajan said that the bank's business crossed Rs 1,03,000 crore mark as at June end 2007 as against Rs 82,621 crore corresponding quarter last year. And business on year-on-year basis increased by 25.13 per cent, up by 1.89 per cent while working fund crossed Rs 70,000 crore mark to reach Rs 71,484 crore as on June end 2007.

        On deposits, he said that the total deposit went up to Rs 62,819 crore as on 30 June, 2007 from Rs 49,773 crore and Rs 59,544 crore as on 31 March, 2007. The year-on-year figures grew by 26.21 per cent, up by 5.50 per cent. The market share in aggregate deposits increased to 2.34 per cent as at June end 2007 from 2.26 per cent as at June-end 2006 while gross credit stood at Rs 40,560 crore as on 30 June, 2007 as against Rs 32,848 crore and Rs 42,914 crore as on 31 March, 2007. And the bank's operating profit increased from Rs 207.43 crore during April-June 2006 to Rs 288.87 crore during April-June 2007, registering a growth of 39.26 per cent during the period.

        It's proactive steps paid rich dividends with the bank registering a net profit of Rs 200.40 crore during April-June 207 as against Rs 128.25 crore, up by 56.26 per cent in the corresponding period last year.

        Regarding Non-Performing Assets, he said that the gross NPA to gross advances further declined to 2.46 per cent as at June end 2007 from 3.67 per cent as at June-end 2006 and 2.61 per cent as at March-end 2007. And the net NPA to net advances ratio also reduced to 0.76 per cent as at June-end 2007 from 0.81 per cent as at June-end 2006 and 1.07 per cent as at March-end 2007. Bank's capital adquacy ratio was 12.71 per cent as at June-end 2007 which is above the stipulated norm of 9 per cent as against 12.24 per cent as on 30 June, 2006 and 12.52 per cent as on 31 March, 2007.

        As at June-end 2007, earning per share stood at Rs 17.94 as against Rs 11.48 as on 30 June, 2006 and Rs 16.79 as on 31 March, 2007. Business per branch improved from Rs 41.31 crore to Rs 49.06 crore during the period.

        On the new initiatives, the bank has proposed for speedy extension of Core Banking Solution platform to more branches, introduction of doorstep banking, launching of reverse mortgage loan scheme.

        The bank is planning to go for opening more foreign branches after opening of branch in Hong Kong.

        And the bank has an agenda to move up further in consolidating it's position in the days to come.