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Thursday, January 31, 2013

Allahabad Bank today said its net profit for the quarter ended December 31, 2012 fell by 44.5% from a year earlier to Rs 310.83 crore on account of higher provisions and lower net interest income. But officials in Kolkata claimed consistent growth all the way. They said contrararily to the report officially submitted abou net profit that the net profit is up by 33 percent on quarter to quarter basis. They did not mention any fall in the net profit.It is the situation in which the economy is managed. We have to depend on the information given by officials never knowing the truth!

Allahabad Bank today said its net profit for the quarter ended December 31, 2012 fell by 44.5% from a year earlier to Rs 310.83 crore on account of higher provisions and lower net interest income. But officials in Kolkata claimed consistent growth all the way. They said contrararily to the report officially submitted abou net profit that the net profit is up by 33 percent on quarter to quarter basis. They did not mention any fall in the net profit.It is the situation in which the economy is managed. We have to depend on the information given by officials never knowing the truth!

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Allahabad Bank

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Allahabad Bank today said its net profit for the quarter ended December 31, 2012 fell by 44.5% from a year earlier to Rs 310.83 crore on account of higher provisions and lower net interest income. But officials in Kolkata claimed consistent growth all the way. They said contrararily to the report officially submitted abou net profit that the net profit is up by 33 percent on quarter to quarter basis. They did not mention any fall in the net profit.It is the situation in which the economy is managed. We have to depend on the information given by officials never knowing the truth!

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Public sector lender Allahabad Bank  's net profit fell by 44.5 percent year-on-year to Rs 311 crore in the third quarter of financial year 2012-13, sending shares 2% lower.

Net interest income declined 3.7 percent to Rs 1,330 crore from Rs 1,381 crore during the same period.

Gross non-performing asset (NPA) improved by 4 basis points quarter-on-quarter to 2.91 percent whereas net NPA rose by 4 basis points QoQ to 2.06 percent in the October-December quarter.

Provisions against bad loans slipped marginally to Rs 432.4 crore as against Rs 464.4 crore QoQ. Provision coverage ratio stood at 60.97 percent as on December 31.

Capital adequacy ratio went down to 11.96 percent in the third quarter of FY13 as against 12.16 percent in previous quarter.

At 13:09 hours IST, shares dropped 2.3 percent to Rs 163.25 amid high volumes on Bombay Stock Exchange on Thursday.

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Performance display. Pl visist:
http://www.allahabadbank.com/




CONSISTENT GROWTH ALL THE WAY

ALLAHABAD BANK'S BUSINESS CROSSES Rs. 2,74,115 CRORE

30.09.2012


  1. Business touches Rs. 2,74,116 crore with 14.74 % YoY growth
  2. CASA increases to 30.49%
  3. Net Interest Margin (NIM) at 2.98 %
  4. Book value per Share mounts to Rs. 208.05
  5. Capital Adequacy Ratio at 12.16%

Highlights of performance in Q2 of FY, 2012-13


  • Total Business of the Bank increased to Rs. 2,74,116 crore as on 30.09.2012 as against Rs. 2,38,897 crore on 30.09.2011 showing a YoY growth of 14.74 %.
  • Deposits of the Bank increased to Rs. 1,61,957 crore as on 30.09.2012 from Rs.1,42,043 crore as on 30.09.2011 and Rs. 1,59,593 crore as on 31.3.2012. Year-on-Year basis, Total Deposits grew by14.02 %.
  • Gross Credit was Rs. 1,12,159 crore as on 30.09.2012 against Rs. 96,854 crore as on 30.09.2011 and Rs. 1,12,250 crore as on 31.3.2012. Year-on-Year basis, the Gross Credit increased by 15.80%.
  • Operating Profit stood at Rs. 802.29 crore for quarter ending September, 2012 (HY - FY'12-13: Rs. 1757.90 crore)
  • Net Profit stood at Rs. 234.20 crore during the quarter ended September, 2012 (HY - FY'12-13: Rs. 748.23 crore).
  • Credit Deposit Ratio stood at 69.25 % as on 30.09.2012.
  • Gross NPA to Gross Advances was 2.95 % as on 30.09.2012.
  • Net NPA to Net Advances Ratio was 2.10 % as on 30.09.2012.
  • Provision Coverage Ratio was 60.80 % as on 30.09.2012.
  • Net Interest Margin (NIM) was 2.80 % for the quarter ended 30.09.2012 and that for the Half Year ended September,2012 was 2.98%.
  • Capital Adequacy Ratio stood at 12.16 % as on 30.09.2012

Shareholders' Value


  • Return on Asset (annualised) was 0.51 % in the Quarter ended 30.09.2012 (HY:0.83 %)
  • Earning per Share stood at Rs. 4.68 in the Quarter ended 30.09.2012.
  • Book Value per Share increased to Rs. 208.05 as on 30.09.2012.

New Initiatives


  • Bank has entered into a strategic partnership with Peerless Funds Management Company on 13.09.2012 for selling and distribution of Peerless Mutual Fund through our branches.
  • The Bank has introduced a 3-in-1 account facility to the customers on 02.08.2012 wherein with a Savings/Current account, Demat Account is provided by the Bank and Online Trading Services is provided by Aditya Birla Money Limited.
  • Bank has signed a MOU with Stock Holding Corporation of India (SHCIL) for providing e-stamping services. It has been launched in the state of Karnataka (Bangalore) from Basavangudi Branch on 5th July, 2012.
  • In an effort to improve recovery in Non Performing Assets, Allahabad Bank has entered into an Agreement with ASREC, its Joint Venture partner, on 08.08.2012.
  • The Bank has signed a MOU on 06.08.2012 at Vishakapatnam with Rastriya Ispat Nigam Limited (RINL) for providing Cash Management Services at 30 locations PAN India for a period of 3 years.
  • Collection facility to Madhya Pradesh Housing and Industrial Development Boardhas been started to improve CASA through Cash Management Service.
  • Bank has launched Rupay Card, to be given to the customers in rural areas.
  • Bank has launched Pre-Paid Gift Cards in denominations of Rs. 500/- to Rs. 50,000/- for customer's convenience.
  • Bank has also launched Inter Bank Mobile Payment Services (IMPS), a value added service of Mobile Banking.
  • During the quarter ended September, 2012, 356 Probationary Officers and Specialist Officers have joined the Bank.
  • During the Half-Year ending September 2012, 48 new Branches have been openedtaking the total number of Branches of the Bank to 2564 of which Rural-1051(41%), Semi-Urban-502 (20%), Urban-529 (21%) and Metropolitan-482 (18%).

Retail Credit


  • Total outstanding under Retail Credit as on 30.09.2012 was Rs. 15,710.81 crore as against Rs. 13,925.44 crore as on 30.09.2011 showing a YoY growth of 12.82 %.
  • Disbursement under Retail Credit grew to Rs. 1,779.01 crore during the Half Year ending September, 2012.
  • Apart from 60 Retail Banking Boutiques (RBB) operating across the country, Bank has 39 Centralised Retail Banking Boutiques (CRBB) at important centres. CRBBs disbursed Rs. 380.39 crore in the Half-Year ending September, 2012. Outstanding Loans in the CRBBs increased to Rs. 2,037.21 crore as on 30.09.2012 as against Rs.1,576.22 crore last year (YoY Growth : 29.25 %).
  • Total disbursement under Housing Loan during the first half of 2012-13 surged to Rs.506.21 crore as against Rs. 351.07 crore last year (YoY Growth : 44.19 %)
  • Education Loan has been disbursed to 7284 students aggregating Rs. 114.89 during the first half of 2012-13.
  • Total Outstanding in Auto Loan (Car+Mobike) increased to Rs. 804.74 crore as against Rs. 644.81 crore last year registering a YoY growth of 24.80 %.
  • During the Festive Season, Bank has announced special Festival Bonanza discounts on various Retail Lending Schemes, under which rebate up to 2.00% in interest rate has been offered under various schemes and up to 100% rebate in applicable processing fees has also been offered on certain schemes. This offer is available to the Bank's Customers up to 31.12.2012.

Social Banking


  • Priority Sector Credit grew to Rs. 36,686 crore as on 30.09.2012 as against Rs. 30,450 crore last year showing a YoY Growth of 20.48 %.
  • Agricultural Credit outstanding increased to Rs. 16,809 crore as on 30.09.2012 as against Rs. 12,611 crore as on 30.09.2011.
  • Bank's Credit to Micro and Small Enterprises (MSE) surged to Rs. 15,215 crore as on 30.09.2012 as compared to Rs. 13,591 crore last year showing a YoY Growth of 11.95%.
  • Bank has opened 3 more Rural Self Employment Training Institutes (RSETIs)during the present FY 2012-13 taking the total to 21 and covering all the lead districts of our Bank in Uttar Pradesh, Jharkhand, West Bengal and Madhya Pradesh.

Technology


  • Instant ATM-cum-Debit Card facility is available to customers of all Branches. Bank has issued more than 14.31 lac ATM-cum-Debit Cards to its customers.
  • All the Branches and Extension counters of Bank's sponsored Regional Rural Banks have been brought under the ambit of CBS.
  • Online Payment Gateway Services are running successfully at the merchant websites through our Internet Banking channel. More than 1900 Merchants are added to our gateway through M/s Bill Desk and M/s Tech Process.
  • Central Processing Hub (CPH) is in operation in Bangalore, Lucknow, Hyderabad, Bhopal, Agra, Varanasi, Bhubaneswar, Chennai, Kanpur, Jaipur, Allahabad and Patna Service branches for handling Inward and Outward Clearing transactions of all branches.
  • Video conferencing facilities have been provided to all the Lead District Managers and SLBC Centre (Ranchi) for the state of Jharkhand.

Accolades


  • Bank has been honoured with three prizes by RBI for outstanding implementation of Official Language Policy in the Bank.
  • Bank has been honoured with Finwiz -2012 award for Best Bank in Agriculture Credit.
  • Bank has been awarded the Long Standing Performer for Priority Sector Lending by D&B for implementing MSME Scheme.
  • Bank has been awarded CNBC TV-18's India Best Mid Size Bank and Financial Institution Awards 2012 on 17th October, 2012 as a recognition and reward for the outstanding work of the Bank in creating and sustaining stakeholder value, in building investor wealth and in helping India evolve from a savings to an investing economy.
  • The Bank has been honoured on the 14th of September, 2012 with PROTSAHAN PURASKAR under the Nationalised Bank's category of prestigious Indira Gandhi Rajbhasha Puraskar for outstanding implementation of Official Language Policy.
Future Plans
  • The Bank intends to open 250 Branches during the Financial Year 2012-13; 153 numbers of Authorisations for opening new branches are in hand.
  • Bank has already received the permission for opening overseas Branch at Dhaka(Bangladesh) for which necessary work is in progress.
  • Bank is in the process of introducing RuPay Kisan Credit Card Scheme with Smart Card enabled payment system through ATMs & PoS terminals.
http://www.allahabadbank.in/presentation-on-performance-31-Dec-12.pdf


Public sector lender Allahabad Bank on Thursday said that it intends to open 250 branches during the fiscal. Of these, 148 have already been opened and the bank has obtained authorisation for opening 140 more.
The bank currently has 2,664 branches.
According to Subhalakshmi Panse, Chairman and Managing Director, Allahabad Bank, the bank has also sought capital infusion of nearly Rs 1,500 crore. "We have applied to the government for capital infusion," she told reporters at a press conference.

NET PROFIT DIPS

The bank, meanwhile, reported a near 45 per cent dip in net profit to Rs 311 crore for the quarter ending December. Its net profit stood at Rs 560 crore for the corresponding quarter last fiscal.
The net non-performing assets (NPA) or bad loans increased to 2.06 per cent (0.79 per cent).
During the quarter, total income stood at Rs 4,735 crore (Rs 3,912 crore).
According to Panse, a higher provisioning for bad debt and non-performing assets, standard restructuring and provisions for wage revision of employees impacted net profit.
"Apart from higher provisioning for NPAs, the RBI has recently mandated higher provisioning for standard restructuring for which we have to set aside an additional Rs 93 crore in the third quarter," she said.
Provisions against bad loans stood at Rs 432 crore (Rs 421 crore). Operating expenses increased 16 per cent to Rs 811 crore.
On Thursday, Allahabad Bank stock was trading at around Rs 163.50, down 2.15 per cent on the BSE.


IANS

Kolkata, Jan 31: State-run Allahabad Bank Thursday reported a 44.46 percent dip in net profit to Rs.311 crore for the quarter ended Dec 31, 2012.


The bank had made a net profit of Rs.560 crore in the corresponding period of the previous year.


The Kolkata-headquarted bank said higher provisioning for bad assets, additional provisioning for standard restructuring, and provisioning for wage revision have led to the skid in the third quarter net profit.


"There have been a couple of reasons for higher provision as far as NPA provisioning is concerned. Second has been RBI has recently mandated higher provisioning for standard restructuring for which we have to set aside an additional Rs.93 crore in the third quarter of this (2012-13) fiscal," bank's chairperson and managing director Subhalakshmi Panse told reporters.


Panse said the bank had made a total provisioning of Rs.549 crore for the third quarter of the ongoing fiscal.


She said for bad and doubtful debts, the lender had made a provision of Rs.343 crore.According to her, the bank has restructured assets of Rs.5,600 crore in the power sector - which is the highest the lender restructured for the industry - followed by textile, steel and food processing.

Net NPA of the bank stood at 2.06 percent for the quarter ended Dec last year as against 0.79 percent in the year-ago period.


Allahabad Bank

From Wikipedia, the free encyclopedia
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This article relies on references to primary sources. Please add references to secondary or tertiary sources. (October 2011)


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Type

Public

Traded as

BSE: 532480,

NSE: ALBK

Industry

Banking

Financial services

Investment services

Founded

1865

Headquarters

Allahabad Bank,

Head Office,

2, N. S. ROAD,

Kolkata- 700 001. India

Key people

Shubhalakshmi Panse

(Chairman & MD)

Executive Director: T.R Chawla

Products

Finance and insurance

Consumer banking

Corporate banking

Website

http://www.allahabadbank.in


Allahabad Bank (Hindi: इलाहाबाद बैंक), NSE: ALBK, BSE: 532480 which began operations in 1865, has its head-quarters in Kolkata is the oldest joint stock bank in India. The bank was founded in Allahabad in 1865 and as of 31 March 2012 now has over 2500 branches throughout India.[1] The Chairman and Managing Director of the bank is Shubhalakshmi Panse. Shri T.R Chawla is the senior Most Executive Director of the Bank.The bank has a branch in Hong Kong and a representative office inShenzen.

[edit]History

[edit]19th Century

On 24 April 1865, a group of Englishmen at Allahabad founded Allahabad Bank. Allahabad Bank is therefore now the oldest joint stock bank in India. By the end of 19th century it had branches at Jhansi, Kanpur, Lucknow, Bareilly, Nainital, Calcutta, and Delhi.

[edit]20th Century

In the early 20th century, with the start of Swadeshi movement, Allahabad Bank witnessed a spurt in deposits. In 1920, P & O Banking Corporation acquired Allahabad Bank with a bid price of Rs.436 per share. In 1923 the bank moved its head office and the registered office to Calcutta for reasons of both operational convenience and business opportunities. Then in 1927 Chartered Bank of India, Australia and China acquired P&O Bank. However, Chartered Bank continued to operate Allahabad Bank as a separate entity.
On 19 July 1969, the Government nationalized Allahabad Bank, together with 13 other banks.
In October 1989, Allahabad Bank acquired United Industrial Bank, a Calcutta-based bank that had been established in 1940. Two years later, Allahabad Bank established AllBank Finance Ltd, a wholly owned Merchant Banking subsidiary.

[edit]21st Century

The government's ownership of Allahabad Bank fell in October 2002 after the bank engaged in an Initial Public Offering (IPO) of 10 crores of shares, each with a face value Rs.10. The IPO reduced the Government's shareholding to 71.16%. Then in April 2005 the bank conducted a second public offering of 10 crores of shares, each with a face value Rs.10 and selling at a premium of Rs.72. This offering reduced the Government's ownership to 55.23%.
In June 2006 the bank opened its first office outside India when it opened a representative office in Shenzen, China. In February 2007, Allahabad Bank opened its first overseas branch, in Hong Kong. In March, the bank's business crossed Rs.1,00,000 crores mark.

[edit]See also


[edit]References


  1. ^ [1]

[edit]External links


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