Allahabad Bank is planning to increase its presence in the Northeast and open a considerable number of branches in the region soon.
“We will open a considerable number of branches shortly in the Northeast. We are planning to open five new branches across the region,” Subhalaxmi Panse, the chairman and managing director of the bank, told reporters in Guwahati on Thursday.
Being a leading nationalised bank, it has two zonal offices in the Northeast — one in Guwahati and the other in Dibrugarh. “The increase in presence will help improve visibility of the bank so as to enhance volume growth. We are also emphasising on increasing the number of ATMs across the Northeast,” she said.
On performance of the bank in the Northeast, she said: “Allahabad Bank is progressing steadily in the Northeast. The total business of the bank in the region as on December 31, 2012, was Rs 5,438.16 crore, with an increase in growth of 31.19 per cent on year-on-year basis.”
“The bank will positively surpass business of Rs 6,000 crore in this financial year in the region,” she said. In the third quarter of the current financial year, the total business of the bank stood at Rs 2,92,204 crore, showing a year-on-year growth of 18.33 per cent.
“CASA (current and savings account) deposit has grown by 16 per cent on year-on-year basis constituting 30.38 per cent of the total deposit,” the official said.
The bank posted a priority sector growth of 20.7 per cent on year-on-year basis while the credit-deposit ratio was 71.6 per cent. “Net profit was up by 33 per cent on quarter-to-quarter basis. Net non-performing assets (NPA) were 2.06 per cent, net interest margin stood at 3.02 per cent, while the capital adequacy ratio stood at 11.96 per cent,” she said.
“The bank has implemented financial inclusion plan in 2,618 villages of population above 2,000 through 116 brick and mortar branches, 217 ultra small branches, 2,259 villages through business correspondent outlets, four villages by satellite branches and 22 villages by mobile van,” Panse said.
The bank has extended delivery of all types of e-products through their branches. “We have already opened 100 new branches in the current financial year and the present number of branches is 2,665. The bank intends to open 250 branches during the remaining period of the financial year 2012-2013, out of which 148 branches have already been opened,” she said.
The bank has also installed 329 ATMs, including three mobile ATMs.
“We plan to start picking up market shares faster so that other banks do not occupy the space. The bank needs to think and act ahead of others in the market and improve CASA growth so that it is in tune with market growth levels. There is a need to deliver e-products in an aggressive manner and contain NPAs at a bare minimum level,” she said.