Allahabad Bank Live Stock Market Prices & Info

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Allahabad Bank (ALLBANK) is the oldest public sector bank in India. It was incorporated in 1865 by a few Europeans and was later nationalized in 1969. Avinash Chander Mahajan is the chairman and managing director. The bank offers services like the AllBank-Expo scheme, personal and other loans, housing finance, deposit schemes to non-resident Indians etc. Other services include AllBank-Property, depository services, insurance linked deposit products, life insurance cover for housing loan customers, sale of insurance products (Bancassurance tie-ups), sale of mutual fund products, ATM cum international debit cards etc. The bank has introduced doorstep banking for customers in a select number of branches. It also started the reverse mortgage program for senior citizens. It has 2,107 branches 44 zonal offices, 245 retail bank boutique branches, 33 7-day banking branches as of June 2007. 

It also has 116 extension counters spread all over India. The bank opened its first overseas branch in the busy economic centre of Hong Kong and has its representative office in Shenzhen, China. It has a subsidiary ALLBank Finance. The bank has already floated a joint venture company for insurance business named Universal Sompo General Insurance Company with Indian Overseas Bank, Karnataka Bank, Dabur and Sompo (Japan). The bank has tie-up arrangements with Franklin Templeton Asset Management (India), UTI Asset Management Company, Principal PNB Asset Management Company, Kotak Mahindra Asset Management Company and Reliance Capital Asset Management for distribution of their products. The bank MoUs and alliances with various financial companies like SIDBI and Wall Street Finance to spread its services globally. The bank has its headquarters at 2, Netaji Subhas Road, Kolkata- 700001. Financials The company reported rise of 20.39% in standalone net profit on y-o-y basis to Rs 4.16 billion, while total income climbed 27.21% y-o-y basis to Rs 31.13 billion for the quarter ended December 2010.

Company Results Update

Public sector lender Allahabad Bank has reported a 21.22% jump in net profit to Rs 488.01 crore for the quarter ended September 30, 2011. The bank had posted a net profit of Rs 402.57 crore for the second quarter last fiscal. The operating profit of the bank increased by 21.47% to Rs 949.29 crore during the quarter from Rs 781.53 crore in the year-ago period. The bank's net interest margin (NIM) was 3.68% during the second quarter, as against 3.34% in the corresponding quarter of the previous fiscal, Allahabad Bank Chairman and Managing Director J P Dua said while announcing the results on Wednesday.

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