Allahabad Bank posts 18 percent growth in 2008-09

April 14th, 2009 - 9:08 pm ICT by IANS  

Kolkata, April 14 (IANS) City-based public sector lender Allahabad Bank registered 18 percent growth in deposits and advances in 2008-09 over the year before, a top official said here Tuesday.
“The bank has achieved a total business of Rs.144,000 crore as on March 31, 2009,” K.R. Kamath, chairman and managing director of the bank, told reporters.

Of this amount, Rs.84,865 crore is from deposits and Rs.59,177 crore is from advances.

“The bank is aiming to achieve a total business of Rs.175,000 crore by March 2010 and Rs.200,000 crore by 2010-end,” Kamath added.

In the current fiscal, the bank is looking at a deposits and advance growth of 21-22 percent.

Asked about the effect of the financial slowdown on credit offtake, Kamath said: “Offtake is good in some sectors like power, roads and ports. But in sectors like exports, which were hit hard by the slowdown, offtake is relatively low.”

The bank Tuesday launched gold coins in the denomination of four, eight and 10 gms that would be sold to the public through its select branches.

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