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Allahabad Bank registers 700% growth in Q2 Net Profit
Highlights of the performance for the quarter ended September’2009:
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Operating Profit increased from Rs.314.21 crore as at Sept.08 Quarter to Rs.649.84 crore as at the Quarter ended September’09, registering a growth of 106.82% during the period. Operating Profit increased to Rs. 1240.47 crore as at the Half Year ended September 2009.( HY-08 –Rs. 620.94 Crore-growth 100%)
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Net Profit of the Bank was Rs. 333.59 crore for the Quarter ended September’09 as against Rs. 41.68 crore in the corresponding period last year recording a growth of 700.36%. Net Profit increased to Rs. 636.45 crore as at the half-year ended September’09 showing a growth of 371% over Rs. 135.04 crore during the corresponding period last year.
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Interest Income during Q-2’09 at Rs.2046.69 crore show a growth of 10.87%. Interest Income stood at Rs. 4055 crore as at the half year ended September’09 showing YOY growth of 14.17%.
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Non-Interest Income during the second quarter of 2009-10 was Rs.404.83 crore, registering a YOY growth of 208.49 % over previous year. Non-Interest Income increased to Rs.774.34 crore as at the half-year ended September’09 showing YOY growth of 275.24 %. Non-Interest Income from Core banking activities increased to Rs. 181.95 crore from Rs. 91.20 crore showing a growth of 100%.
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Credit Deposit Ratio stood at 69.63 % as at September 2009.
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Gross NPA to Gross Advances further declined to 1.78 % as at September 2009 from 1.93 % as at September 2008 and 1.81% as at March 2009.
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Net NPA to Net Advances ratio declined to 0.35 % as at September 2009 from 0.85% as at September 2008 and 0.72% as at March 2009.
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Net Interest Margin (NIM) was 2.84 % for the quarter ended 30.09.2009 as against 2.70 % corresponding previous quarter (HY: 2.92% against 2.65%).
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Return on Asset increased from 0.20% during the Quarter ended September’08 to 1.33 % in the Quarter ended 30.09.09 (HY: 1.28% against 0.33%).
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Cost to Income Ratio reduced to 35.54% as at the Quarter ended September 2009 as against 49.71% last year (HY: 38.18% against 49.81%).
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Capital Adequacy Ratio increased from 11.46 % as on 30.09.2008 to 14.90 % as on 30.09.2009 against the stipulated norm of 9% (Tier-I Capital: 9.07%, Tier-II Capital: 5.83%).
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During the quarter ending on 30.09.2009, Bank has generated an income of Rs. 7.37 crore under Third Party Products registering a YOY growth of 73 %.
New Initiatives
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Bank had launched Retail Selling of Gold Coins through select CBS Branches in April, 2009 to enhance fee-based income.
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Bank has started Syndication of Loans for Mid-Segments to improve fee income.
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To bring about a complete change in the attitude, one/ two day programmes titled “Jagruti” on “Changing the Mindsets” for all Officers/ Employees is being implemented.
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Centralised Retail Banking Boutique (CRBB) started functioning at Tollygunge, Kolkata for processing of Retail Loans in a hassle-free manner
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Bank opened 6 Branches during September’09 Quarter taking the total to 2284 Branches (including one at Hong Kong). Bhagalpur Zonal Office made operational from 02.07.2009 taking the total number of Zones to 46.
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Bank registered as a Self Certified Syndicate Bank (SCSB) with SEBI with effect from 15th August,2009 for Applications Supported by Blocked Amount (ASBA). Bank’s Customers can now subscribe to an IPO without parting with the funds at the time of application.
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Bank launched a New Retail Finance Scheme for financing of Commercial Vehicles titled “ALLBANK COMMERCIAL VEHICLE FINANCE” under which collateral-free loan upto Rs. 100.00 lacs can be granted.
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Bank has established a “Centralized Pension Processing Centre” (CPPC) at Lucknow to ensure timely credit of monthly Pension which will act as a Single Window for payment of Central Govt. Pensions as well as redressal of grievances of the Pensioners.
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Bank implemented a system of Centralized posting of ECS data at Bank’s Service Branches which facilitates the process of direct posting of ECS transactions at CBS Branches.
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Bank had tied up with M/S UAE Exchange & Financial Services Ltd for Inward Remittances through Xpress Money and MoneyGram products at its 150 select CBS Branches.
Retail Credit
Total disbursement under Retail Credit upto September’09 stood at Rs.1075 crore as against Rs.714 crore during corresponding period last year registering a growth of 50.41%.
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Bank has launched FESTIVAL BONANZA for its various Retail Loan products in which rebate in Interest Rates & Processing Fees are available to its Customers upto 31.12.2009.
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The period of special package to all new Housing Loans upto Rs.20 lac has been extended to 31.12.2009. Under this package, Rate of Interest and Margin stand reduced and Processing Fee and Pre-payment Penalty have been waived apart from providing free insurance cover.
Social Banking
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Priority Sector Credit grew from Rs17869 crore as on 30.09.2008 to Rs.20707 crore as on 30.09.2009 registering an absolute growth of Rs 2838 crore and YOY growth of 15.88%.
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Outstanding Agriculture Credit increased from Rs.8097 crore as at September 2008 to Rs.9628 crore as at September 2009 registering an absolute growth of Rs. 1536 crore and YOY growth of 18.98%.
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Credit to Micro & Small Enterprises grew from 3604 crore as on 30.09.2008 to Rs. 6001 crore as on 30.09.2009 registering an absolute growth of Rs. 2397 crore and YOY growth of 66.50%.
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Bank has initiated implementation of IT enabled Financial Inclusion in its four Lead Districts namely 24 Parganas-North(WB), Godda (Jharkhand), Mirzapur (UP) and Satna (MP).
Technology
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Bank geared up CBS implementation and 960 Branches/Offices covering 80.35 % of the Bank’s business have been brought within the network.
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Internet Banking, SMS Banking, e-Payment of Taxes made available through CBS Branches.
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Instant ATM-cum Debit Card facility launched for the customers of CBS Branches. Bank has installed 211 ATMs and brought 885 Branches on its network facilitating more than 5.16 lacs cardholders of our Bank transacting at more than 42000 ATMs of various Banks and around 5 Lacs POS terminals across the country.
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Bank is offering RTGS/NEFT fund transfer facility through 892 Branches in which funds can be transferred to any of 61000 Bank Branches across the country.
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ECS (Electronic Clearing System) facility has been provided in 606 Branches of the Bank at 64 Centres.
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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.
Kolkata,
Date : 22.10.2009
Click here for Performance Highlights of September 2009 |
