Allahabad Bank plans to expand its operations in Kerala,
adding five more branches in various districts of the
Bank assistant general manager N Ramachandran says two
branches one in Edappal and other in Kozhencherry
will be opened during the current fiscal. The bank
is expecting administrative clearance from its board to
set up three more branches by the end of next fiscal.
three branches will be at Palakkad, Thrissur and Kottayam,
says Ramachandran. He is here in connection with the announcement
of the banks initial public offering (IPO) in the
The net profit
of the bank has increased by over 100 per cent to Rs 80.21
crore from Rs 39.91 crore in 2001-02. The total deposits
grew by 12.7 per cent to Rs 22,666 crore from Rs 20,106
crore at the end of the last fiscal.
says the IPO proceeds will also further enhance the banks
capital adequacy ratio (CAR). The bank currently
has a comfortable CAR of 10.62 per cent as on 31 March
2002 as against the Reserve Bank of India-stipulated norm
of 9 per cent. After the IPO, the CAR will further increase
to 11.5 per cent.