Kochi: Allahabad Bank plans to expand its operations in Kerala, adding five more branches in various districts of the state soon.

Allahabad 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.

“The three branches will be at Palakkad, Thrissur and Kottayam,” says Ramachandran. He is here in connection with the announcement of the bank’s initial public offering (IPO) in the state.

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.

Ramachandran says the IPO proceeds will also further enhance the bank’s 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.”