The Hindu Business Line : Allahabad Bank net rises to Rs 303 cr in H1

ALLAHABAD Bank is not averse to the idea of tying up with other banking entities to achieve increased synergy. While no concrete plans are being contemplated at the moment, the possibility is not being ruled out in the long term.

The bank, said Mr O. N. Singh, CMD, is willing to augment strengths in relatively unfamiliar territory, especially in the western and southern regions. The bank is also looking at the possibility of raising funds, including throguh a public offer.

Allahabad Bank has posted a net profit of Rs 303 crore for the half-year ended September 30, 2004, as compared to Rs 143 crore in the corresponding year-ago period. Its aggregate business hit the Rs 55,350-crore mark in end-September, 2004.

On a year-on-year basis, the business increased by 33 per cent against a growth of 12 per cent last year. The operating profit of the bank during the first half increased to Rs 615 crore from Rs 320 crore during April-September 2003, an increase of 91 per cent. Gross advances grew by 17 per cent against the growth of 4 per cent during the half-year ended September, 2003.

Net non-performing asset ratio declined to 1.65 per cent in end-September, 2004, down from 2.37 per cent as on end-March this year and 5.21 per cent in September last year.

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