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Kolkata Jan. 24 Allahabad Bank has posted a profit of Rs 286 crore for the quarter ended December 2006, up from Rs 224 crore recorded in the corresponding period last year. The bank's total business stood at Rs 95,237 crore at the end of the quarter.

It registered during the quarter a total income of Rs 1,430 crore (Rs 1,095 crore). Total expenses stood at Rs 1,104 crore (Rs 832 crore).

The bank recorded an operating profit of Rs 26 crore (Rs 263 crore). Its yield on investments stood at 7.58 per cent.

Allahabad Bank, said Mr A. C. Mahajan, CMD, has surpassed its business target and expects to end the fiscal with more than what it had set out to achieve. Total deposits stood at Rs 56,523 crore as on December 31, 2006. On a year-on-year basis, this represented a 27 per cent growth. Gross credit reached Rs 38,714 crore, a 40 per cent y-o-y growth.

The bank, which has a capital adequacy of 12.8 per cent, does not need fresh capital at the moment. On another front, it has proposed to set up more retail credit boutiques. It is also armed with RBI's permission to open newer branches. Its subsidiary, Allbank Finance, has actively started scouting for investment banking mandates. The bank expects IRDA to finally approve its non-life insurance joint venture with Sompo of Japan. It has a 30 per cent stake in the company, titled Universal Sompo General Insurance Co. The other partners are Indian Overseas Bank, Karnataka Bank and Dabur Investment Corporation.

Kolkata,

Slow progress on Kazakh venture

The plan to set up a joint venture between Allahabad Bank and Punjab National Bank in Kazakhstan is yet to see a big move-ahead. The two partners, however, will keep their discussions on the matter open.

"This may well take time", Mr Mahajan said, adding that little will happen before the fiscal-end. Progress on the JV, which was mooted a few years ago, has been slow, he conceded.

Allahabad Bank, however, clarified that it is still interested in the proposal, which it thinks will help it tap an important area. It also hopes to identify a few locations in the Far East for opening new offices.

More Stories on : Financial Performance | Public Sector Banks | Overseas Investments

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