Allahabad Bank plans to open offices in Singapore, Bangladesh
Sunday, 19 December 2010 12:22
In a bid to expand its overseas footprint, state-owned Allahabad Bank is looking at opening branches in four countries including China and Singapore.
"We have approached the regulator Reserve Bank of India for approval to set up a branch in Shanghai, China and Singapore ," Allahabad Bank chairman and managing director J P Dua.
Besides, the bank is also looking to open a branch in Bangladesh and another branch in Hong Kong, he said.
Currently, Kolkata-based bank is having one overseas branch at Hong Kong, which has earned net profit in 2009-10. Besides, the branch has been earning operational profit during last two years.
The bank also has a Representative Office at Shenzhen, China, which is eligible for upgradation into a full-fledged branch.
With the one full-fledged branch in Hong kong and one representative office in Shenzhen, the bank has overseas business of around Rs 1,200 crore. It expects overseas business to triple in the next two years.
Dua said, the bank plans to open 40 more branches in the next three months.
For the second quarter ended September 2010, Allahabad Bank reported a 20.6 per cent rise in net profit at Rs 402.5 crore against Rs 333.5 crore in the same quarter of the last fiscal.
At the same time, the bank reported 21.6 per cent rise in total income for the quarter at Rs 2,189.6 crore, against Rs 2,451.5 crore in the year-ago period.
The Net Interest Income (NII) of the bank rose by 60.6 per cent at Rs 969.2 crore against Rs 603.2 crore in the same quarter a year ago.
Further, the bank earned an interest of Rs 2,636.9 crore during the quarter, compared to Rs 2,046.6 crore during the same period last fiscal.
Source : ET
"We have approached the regulator Reserve Bank of India for approval to set up a branch in Shanghai, China and Singapore ," Allahabad Bank chairman and managing director J P Dua.
Besides, the bank is also looking to open a branch in Bangladesh and another branch in Hong Kong, he said.
Currently, Kolkata-based bank is having one overseas branch at Hong Kong, which has earned net profit in 2009-10. Besides, the branch has been earning operational profit during last two years.
The bank also has a Representative Office at Shenzhen, China, which is eligible for upgradation into a full-fledged branch.
With the one full-fledged branch in Hong kong and one representative office in Shenzhen, the bank has overseas business of around Rs 1,200 crore. It expects overseas business to triple in the next two years.
Dua said, the bank plans to open 40 more branches in the next three months.
For the second quarter ended September 2010, Allahabad Bank reported a 20.6 per cent rise in net profit at Rs 402.5 crore against Rs 333.5 crore in the same quarter of the last fiscal.
At the same time, the bank reported 21.6 per cent rise in total income for the quarter at Rs 2,189.6 crore, against Rs 2,451.5 crore in the year-ago period.
The Net Interest Income (NII) of the bank rose by 60.6 per cent at Rs 969.2 crore against Rs 603.2 crore in the same quarter a year ago.
Further, the bank earned an interest of Rs 2,636.9 crore during the quarter, compared to Rs 2,046.6 crore during the same period last fiscal.
Source : ET
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