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

Social Banking :

Priority Sector Credit grew from Rs 18317 cr. as on 31.12.2008 to Rs.22463 cr. as on 31.12.2009 registering an absolute growth of Rs 4146 crore and YOY growth of 22.63%.

Outstanding Agriculture Credit increased from Rs.8636 cr. as at December 2008 to Rs.10980 cr. as at December 2009 registering an absolute growth of Rs. 2344 cr. and YOY growth of 27.14%.

Fresh Credit Disbursal in Agriculture Loans has reached Rs. 2686 cr. during the nine months period since April,2009 and upto December’09 as against the budget of Rs. 2514 cr., thus achieving 106.84% of the Budget.

Credit to Micro & Small Enterprises (MSE) grew from Rs.4019 cr. as on 31.12.2008 to Rs.7204 cr. as on 31.12.2009 as against the budget of Rs. 5172 cr. registering an absolute growth of Rs. 3185 cr.

Bank has achieved 100% Financial Inclusion in seven Lead Districts of the Bank in the States of UP and Jharkhand.

Technology :

Bank has geared up CBS implementation and 961 Branches/Offices covering 81.02 % of the Bank’s business have been brought within the network.

Internet Banking, SMS Banking, e-Payment of Taxes made available through all CBS Branches.

Instant ATM-cum Debit Card facility launched for the customers of CBS Branches. Bank has installed 211 ATMs facilitating more than 5.80 lacs ATM –cum-Debit Cardholders of our Bank.

Bank is offering RTGS/NEFT fund transfer facility through its all CBS Branches in which funds can be transferred to any of 61000 Bank Branches across the country. RTGS/NEFT facility has also been extended through Internet Banking.

Online Payment Gateway Services launched by the Bank for its Customers to make online payments at the billers’ site with instant debit from their accounts.

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(This is a press release from Allahabad Bank)