Allahabad Bank pays 30% dividend to Government of India
Shri A.C. Mahajan, Chairman
& Managing Director of Allahabad Bank today in New Delhi, handed over a
dividend warrant for Rs. 74,01,00,000/- to Shri P. Chidambaram, Hon’ble
Minister of Finance, Government of India being the amount of 30%
dividend for the fiscal 2006-07. Shri Subodh Kumar Goel, Executive
Director, was also present on the occasion.
Allahabad Bank, one of the leading nationalized banks of the country,
had already announced a 30% dividend for its shareholders for the fiscal
2006-07 including the Government of India, which owns 55.23% stake in
the Bank.
Allahabad Bank has been reporting sustained growth in recent years. The
total business of the Bank crossed the milestone of Rs.1,00,000 crore
mark as on 31.3.2007 and stood at Rs.1,01,458 crore as on March-end,2007
as against Rs. 78,561 crores at March-end,2006 showing a growth of
29.15%. Deposits grew by 22.77% (industry growth 23%) to Rs. 59,544
crore from Rs 48,500 crore during the same period. Gross Credit as on
31.3.2007 stood at Rs.41,914 crore showing an annual growth of 39.43%
(industry growth 27.6%). Gross NPA ratio reduced to 2.61% from 3.94%
during the period. Net NPA was 1.07% at the March end, 2007. Capital
Adequacy ratio was comfortable at 12.52%. The Earning Per Share (EPS)
improved to Rs.16.79 for 2006-07 as against Rs.16.06- during 2005-06 and
Return on Assets (ROA) stood at 1.26% as on 31.3.2007.
Further, the Bank is fully prepared for compliance of Basel II norms and
meeting the stakeholders’ expectations satisfactorily.
Publicity Cell,Head Office,
10th July, 2007
Press Corner
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