Allahabad Bank profit grows 95% for the 9 month ended December 2009

New Initiatives :

Bank has launched a much liberalized New Scheme for Rice Shelling Units to meet the credit requirements of the Rice Shelling Enterpreneurs.

Bank has launched a New Scheme for granting speedy and hassle-free OPEN TERM LOAN to existing units of the Bank specially in the mid-segment to meet their capex requirements during a particular year.

Bank has launched a New Scheme for financing the Construction Contractors in order to boost growth in the mid-segment.

Bank has also launched modified AllBank Trade Loan Scheme for granting Working Capital and Term Loan requirements of the Trader-borrowers.

Applications Supported by Blocked Amount (ASBA) with latest features is now made available to our Customers for investing in the IPOs through our select CBS Branches.

Video Conferencing System has been expanded to 21 Locations covering all Field General Managers’ Offices and Training Centres.

Bank opened 26 Branches during the Nine Months ended on 31.12.2009 of which 14 are in Rural and Semi-Urban areas, taking the total number of Branches to 2285 including one overseas Branch at HongKong. 68 authorisations are in hand as on 31.12.2009 for opening New Branches.

Bank’s Staff College, Kolkata has been awarded ISO 9001-2008 Certification for maintaining the quality Management System in the College.

In order to deliver outstanding service to our Customers with focused attention in a specialized manner, the Bank has initiated steps for Centralization of various processes from mobilization to disbursement of Retail Loans by opening new dedicated delivery channels named as Centralised Retail Banking Boutique(CRBB) at important centres. Such CRBBs have been made operational at 26 major centres throughout the country.

Retail Credit :

Total Outstanding under Bank’s Retail Credit went up to Rs. 9285 cr. as on 31.12.2009 as against Rs. 7804 cr. during the corresponding period last year showing a YoY growth of 18.98%.

Total disbursement under Retail Credit rose to Rs. 2049 cr. as at Dec’09 end as against Rs. 1019 cr. last year registering a YoY growth of 101.07%.

Keeping in view the enthusiastic and overwhelming response, Bank has extended the Festival Bonanza for various select Retail Loan Products by one more month. Attractive rebate in Interest Rates and Processing Fees on certain Retail Loans is now available upto 31.01.2010.

Bank has launched the modified AllBank Trade Scheme. The Loan amount increased to Rs. 5.00 crore from existing Rs. 2.00 crore. Besides, Clean Term Loan Facility for payment of Security Deposit and/or Long Term Revenue Expenditure like Advertisement, Cost of Franchisee, License etc. has been introduced.

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(This is a press release from Allahabad Bank)