Allahabad Bank raises operating profit by 26%, lowers NPAS 8.84%

NEW DELHI: The operating profit of the Bank has surged by 26.03% in Q2 FY 2017-18 YOY to Rs 1223 crore as against 970 crore in Q2 FY 2016-17. The Net NPA has been reduced to 8.84 % from 8.96 % in June 2017.

Gross NPA was 14.10% as on September 30. Capital Adequacy Ratio improved to 11.74% as on September 30, 2017 as against 10.49 % as on September 30, 2016 as per Basel III norms.

The Provision Coverage Ratio has been improved to 54.33% in Q2 FY 2017-18 from 47.60% in Q2 FY 2016-17. Cost to Income Ratio improved to 42.65% from 50.96% in Q2 FY 2016-17. CASA deposit grew by 21% YOY improving the share of CASA in total deposit to 45.07% in Q2 FY 2017-18 as against 38.50% in Q2 FY 2016-17.

Cost of Deposit reduced to 5.46% in Q2 FY 2017-18 as against 6.02% in Q2 FY 201617. Sustained High Growth in Non Interest Income of 39.52% in Q2 FY 2017-18.

Bank added more than 2 million New Customers during half year ended September 30, 2017. The Priority Sector Credit stood at Rs 62,522 crore as on September 30, 2017 which is 42.51% of ANBC against stipulated norms of 40%. Agriculture Credit stood at Rs 27,003 crore as on September 30, 2017 which is 18.36% of ANBC against stipulated norms of 18%. Credit to Micro, Small and Medium Enterprises (MSME) stood at Rs 30,777 crore as on September 30, 2017.

Bank has issued 8.06 lacs Rupay Kisan Cards as on September 30, 2017 which covers 99.90% of eligible KCC borrowers. Total Outstanding under Retail Credit as on September 30, 2017 rose to Rs 18,399 crore as against Rs 16,289 crore as on September 30, 2016, registering 12.96 % YOY growth. Total Disbursement under Retail Credit during half year 2017-18 was Rs 2891 crore.

Total Outstanding under Housing Sector as on September 30, 2017 rose to Rs 11,034 crore as against 9,264 crore as on September 30, 2016, registering a growth of 19 % YOY basis. Total disbursement under Bank's Housing Loan during 1st half of FY 2017-18 was Rs1608 crore as against 1257 crore during 1st half 2016-17 registering a growth of 28%.

The Bank has launched a Unique Savings Product for Women, All Bank Shakti during the 2nd quarter. It has also introduced a New Product, Allbank Cash Option, which is an instant overdraft facility against FD/DDP through Internet Banking.

A Three-c approach has been adopted by our bank for driving Financial Inclusion in Mission Mode. Three “Cs” relate to Capacity Building & Competence for Bank Mitra Channel, Compliance and National Priority and Cost Benefit approach for delivering Basic Banking Services through Bank Mitra Channel. Bank has started a Web Portal for Digital Training for staff members and also recruited 412 Fresh Probationary Officers during the half year.