MIRA
INFORM REPORT
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Report Date : |
14.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ALLAHABAD BANK |
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Registered Office : |
119, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1865 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALA06144F |
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PAN No.: [Permanent
Account No.] |
AACCA846F |
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Legal Form : |
Nationalised Bank |
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Line of Business : |
Banking business. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed bank having fine track. Trade relations are fair. Payments are always correct and as per commitments. The bank can be considered good for any normal business dealings at usual trade terms and conditions |
LOCATIONS
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Registered Office / Foreign Departments : |
119, |
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Tel. No.: |
91-33-2298390/2297896 |
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Fax No.: |
91-33-2457363 |
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E-Mail : |
albfd@giascl01.vsnl.net.in |
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Website : |
http://www.allahabadbank.com |
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Branches : |
International Division
Tel. No. 91-562-260584 Fax. No. 91-562-260585 Ahmedabad, |
DIRECTORS
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Name : |
O |
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Designation : |
Chairman and Managing Director |
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Name : |
G Bhujbal |
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Designation : |
Nominee (Govt) |
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Name : |
Biswabandhu Bhattacharya |
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Designation : |
Director |
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Name : |
Deb Kishore Bhattacharya |
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Designation : |
Executive Director |
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Name : |
S K Goel |
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Designation : |
Director |
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Name : |
V Gurumurthy |
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Designation : |
Director and Nominee (RBI) |
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Name : |
Chandan Sinha |
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Designation : |
Nominee (RBI) |
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Name : |
Asutosh Law |
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Designation : |
Director |
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Name : |
Deveshwar Kumar Kapila |
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Designation : |
Director |
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Name : |
Surinder P S Pruthi |
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Designation : |
Director |
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Name : |
Shyam Bahadur Kunwar |
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Designation : |
Director |
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Name : |
Mahesh Bhatt |
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Designation : |
Director |
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Name : |
Ram Niwas Jain |
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Designation : |
Director |
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Name : |
Mr. A C Mahajan |
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Designation : |
Director |
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Name : |
Dr. K P Krishnan |
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Designation : |
Director |
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Name : |
Mr. Mohammad Tahir |
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Designation : |
Director |
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Name : |
Mr. Ashok Jain |
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Designation : |
Director |
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Name : |
Mr. Avinash Chander Mahajan |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Dr. B. Samal |
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Designation : |
Chairman and
Managing Director |
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Date of Birth/Age : |
60 years |
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Qualification : |
M.Sc (Ag), Ph.D. |
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Experience : |
34 years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of Promoter and promoter Group 2 |
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1 Indian |
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Central Government / State Government(s) |
246700000 |
55.23 |
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(B) Public
shareholding 3 |
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1 Institutions |
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Mutual Funds / UTI |
5171089 |
1.16 |
|
Financial Institutions / Banks |
403532 |
0.09 |
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Companies |
29937766 |
6.70 |
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Foreign Institutional Investors |
85870563 |
19.22 |
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2 Non –
Institutions |
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Bodies Corporate |
10756193 |
2.41 |
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b) Individuals - |
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i] Individual shareholders holding nominal shares capital upto Rs.
0.100 million |
62989720 |
14.10 |
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ii) Individual shareholders holding nominal shares capital in excess of
Rs. 0.100 million |
4491529 |
1.01 |
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(c) Any other NRI |
379608 |
0.08 |
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GRAND TOTAL (A)
+ (B) +(C) |
446700000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Banking business. |
GENERAL INFORMATION
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No. of Employees : |
20379 |
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Bankers : |
·
Reserve Bank of ·
Allahabad Bank ·
Punjab National Bank ·
State Bank of ·
Bank of ·
Corporation Bank ·
Syndicate Bank ·
Union Bank of ·
Axis Bank ·
Vijaya Bank |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
· N. C. Banerjee and Company Chartered Accountants · Goel Garg and Company Chartered Accountants · T. K. Ghose and Company Chartered Accountants · Ramesh C. Agrawal and Company Chartered Accountants ·
Dhamija Sukhija and Company
Chartered accountants ·
N
Chaudhari and Company
Chartered accountants ·
Dass Gupta and Associates
Chartered Accountants ·
Rasool Singhal and Company
Chartered Accountants ·
K S Bothra and Company
Chartered Accountants ·
Anand Rungta and Company
Chartered Accountants |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000000 |
Equity shares |
Rs.10/- each |
Rs.15000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
246700000 |
Equity Shares (held by Central Government) |
Rs.10/- each |
Rs.2467.000
millions |
|
200000000 |
Equity Shares (held by Public and Others) |
Rs.10/- each |
Rs.2000.000
millions |
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Total |
Rs.4467.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
4467.000 |
4467.000 |
3467.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
40301.288 |
31918.306 |
19809.509 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
44768.288 |
36385.306 |
23276.509 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
598008.054 |
485464.557 |
|
|
|
2] Unsecured Loans |
0.000 |
0.000 |
1294.898 |
|
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TOTAL BORROWING |
|
|
1294.898 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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DEPOSITES |
|
|
407620.743 |
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|
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TOTAL |
642776.342 |
521849.863 |
432192.150 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10563.307 |
7427.158 |
7319.995 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
187460.718 |
179846.507 |
189882.767 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
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|
|
Sundry Debtors |
0.000 |
0.000 |
|
|
|
Cash & Bank Balances |
49419.688 |
43899.729 |
|
|
|
Other Current Assets |
16293.352 |
30268.743 |
|
|
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Loans & Advances |
412900.348 |
291477.763 |
|
|
Total
Current Assets |
478613.388
|
365646.235 |
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
33861.071 |
31070.037 |
|
|
|
Provisions |
0.000 |
0.000 |
|
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Total
Current Liabilities |
33861.071 |
31070.037 |
|
|
|
Net Current Assets |
444752.317 |
334576.198 |
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|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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|
|
|
|
|
|
|
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TOTAL |
642776.342 |
521849.863 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
48838.628 |
37672.436 |
|
|
Other Income |
|
3764.021 |
4824.545 |
|
|
Total Income |
|
52602.649 |
42496.981 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
8444.363 |
7656.275 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
8444.363 |
7656.275 |
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
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Interest Expended |
|
31331.177 |
21897.963 |
|
|
Operating Expenses |
|
10272.348 |
10357.533 |
|
|
Provisions and contingencies |
|
3497.711 |
3180.231 |
|
Total Expenditure |
|
45101.236 |
35435.727 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Year |
30.06. 2007 |
|
Type |
1st Quarter |
|
Sales
Turnover |
1,440.46 |
|
Other
Income |
94.65 |
|
Total
Income |
1,535.11 |
|
Total
Expenditure |
281.43 |
|
Operating
Profit |
1,253.68 |
|
Interest |
989.34 |
|
Gross
Profit |
264.34 |
|
Depreciation |
0.00 |
|
Tax |
63.94 |
|
Reported
PAT |
200.40 |
200706 Quarter 1 --------------- Notes Provision and
Contingencies includes provision for Non Performing assets of Rs 555.20 million
Status of Investor Complaints for the quarter ended June 30, 2007 Complaints
Pending at the beginning of the quarter Nil Complaints Received during the
quarter 458 Complaints disposed off during the quarter 458 Complaints
unresolved at the end of the quarter Nil 1. These unaudited financial results
for quarter ended June 30, 2007 have been compiled as per clause 41 of the listing
agreement. 2. The working results for quarter ended June 30, 2007 have been
arrived at after considering provisions for Non-performing assets, Standard
Assets and Investment Depreciation on the basis of prudential norms issued by
Reserve Bank of
KEY RATIOS
|
Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Credit
Deposit Ratio |
65.19 |
56.35 |
50.52 |
|
Investment
Deposit Ratio |
34.00 |
41.42 |
47.82 |
|
Cash
Deposit Ratio |
6.23 |
5.70 |
6.34 |
|
Interest
Expended/Interest Earned |
64.15 |
58.13 |
57.18 |
|
Other
Income/Total Income |
9.71 |
14.14 |
17.07 |
|
Operating
Expense/Total Income |
21.72 |
26.65 |
28.27 |
|
Interest
Income/Total Funds |
8.04 |
7.59 |
8.06 |
|
Interest
Expended /Total Funds |
5.16 |
4.41 |
4.61 |
|
Net
Interest Income/Total Funds |
2.88 |
3.18 |
3.45 |
|
Non
Interest Income/Total Funds |
0.86 |
1.25 |
1.66 |
|
Operating
Expense/Total Income |
1.93 |
2.36 |
2.75 |
|
Profit
Before Provisions/Total Funds |
1.81 |
2.07 |
2.36 |
|
Net
Profit/Total Funds |
1.23 |
1.42 |
1.37 |
|
Return
On Net Worth (%) |
22.58 |
29.56 |
35.55 |
STOCK PRICES
|
Face Value |
Rs.10.00 |
|
High |
Rs.96.00 |
|
Low |
Rs.92.00 |
LOCAL AGENCY FURTHER INFORMATION
ECONOMIC SCENE:
Global real GDP expanded strongly by 3.4% in 2007, showing a sustained growth since 2003. The International Monetary Fund has projected a global real GDP growth of 3.5% during 2008. Inflationary pressure remained a global phenomenon in the wake of rising commodity prices. Policy measures of the monetary authorities of the world pivoted on combating the forces of inflationary pressures as well as intervening the emergence of excessive volatility in asset prices, under pricing of risks and disorderly conditions in currency markets.
US Federal Reserve kept policy rate unchanged at 5.25% during August 2006
to March 2007. Global economic scenario helped Indian domestic growth and
monetary policy of the country aimed at containing inflationary pressure,
ensuring price stability and boost commercial sector growth.
Indian economic growth, estimated at 9.2% during 2006-07 as compared to
9.0% in 2005-06, exhibited sustained growth and capability in technological
absorption, making her one of the world's most attractive destinations among
the emerging and developing economies of the world. The robust performance of
Indian economy can be attributed to industry and services, comprising 82% of
the economy that registered double-digit growth. The major developments of
Indian economy included a distinct increase in corporate saving, turnaround in
public sector dis-saving from 2003-04 onwards, continued growth in household
saving; strengthened linkage of India with the global economy, rising share of
exports, reflecting growing international competitiveness, supported by export
of software and business services, indicating the knowledge advantage,
sustained inflows of capital, reflecting the international confidence in macro
fundamentals of the economy etc.
With above rosy economic outlook the Reserve Bank of
The agriculture sector grew by 2.7% in 2006-07 as against
6.0% in the previous year. The estimated food-grain production was 211.8
million tonnes in 2006-07 as against 208.6 million tonnes in the previous year.
Industrial sector grew by 11.3% in 2006-07 as against 8.0% in 2005-06. All
sub-sectors of Industrial Sector showed acceleration with manufacturing,
recording a growth of 12.3% as against 9.1% a year ago, mining and electricity
generation 5.1% and 7.3% respectively, as compared to 1.0% and 5.2% in 2005-06.
The six key infrastructure industries (weight 26.7% in IIP) went up by 8.3% as
against 6.1% in 2005-06. The services sector grew by 10.7% in 2006-07 as
against 9.8% in 2005-06. Thus, the sustained economic growth of the country was
broad-based.
Exports and imports, in US$ terms, grew by 20.8% and 26.4% during 2006-07
as against 23.5% and 28.7% respectively during 2005-06. Foreign exchange
reserves of the country went up to $199.2 billion as at March-end 2007. Albeit
orderly conditions prevailed, the exchange rate showed two-way movements, the
rupee appreciated by 2.3% against the US dollar from Rs.44.61 per US dollar to
Rs.43.59 per US dollar during 2006-07. Overall, Rupee depreciated by 6.8%
against Euro, 9.0% against Pound Sterling and appreciated 2.7% against Japanese
Yen during 2006-07.
The annual rate of Consumer Price Index (CPI) inflation, on average
basis, estimated at 6.7% during 2006-07 as against 4.4% in 2005-06, while
inflation based on Wholesale Price Index (WPI) rose to 5.4% from 4.4% during
the period on average basis.
The overall Indian economic scenario helped faster expansion of banking
business and continued demand for funds from the commercial sector facilitated
robust expansion of credit portfolio of Allahabad Bank. With expected moderate
global growth in 2008 relative to 2007 and inflationary pressures, elevated by
levels of commodity and asset prices, the withdrawal of monetary accommodation
is likely to persist in the current financial year.
BANKING SCENE:
The Reserve Bank of
* To ensure a monetary and interest rate environment that enables
continuation of the growth momentum consistent with price stability.
* To focus on credit quality and financial market conditions to support
export and investment demand in the economy for maintaining macroeconomic, in
particular, financial stability.
* To respond swiftly to evolving global developments.
The Cash Reserve Ratio (CRR) was increased twice in two phases by 25
basis points to 5.25% with effect from 23rd December, 2006 and 5.50% with
effect from 6th January, 2007 and 5.75% with effect from 17th February, 2007
and 6.00% with effect from 3rd March, 2007. It was further raised to 6.25% with
effect from 14th April, 2007 and 6.50% with effect from 28th April, 2007. Bank
Rate remained unchanged at 6.0% during 2006-07. The repo rate was raised to
7.75% from 6.50% during 2006-07. The benchmark Prime Lending Rates (BPLRs) of
major banks increased from 10.25%-10.75% to 12.25%-12.50% during the year while
the interest rates on deposits of over one year maturity went up from
6.00%-7.00% to 7.50%-9.00% during 2006-07. Weighted average of call money rates
increased from 5.56% in 2005-06 to 7.05% in 2006-07.
The money supply (M3) grew by 20.8% during 2006-07 as against 17.0%
during 2005-06. The aggregate deposits of SCBs went up by 23.0% (Rs.4,
85,2100.000 millions) to Rs.25,94,2590.000 millions during 2006-07 as against
18.1% (Rs.3,23,9130.000 millions) in the previous year. Net Bank credit
increased to Rs.19, 23, 1920.000 millions during 2006-07, posting a growth of
27.6% as against 30.8% in 2005-06. Non-food credit grew to Rs.18,76,6720.000
millions, registering a growth of 28.0% as against 31.8% in the previous year.
The credit-deposit ratio (net) stood at 74.1% as at March-end 2007. Investments
(in Government securities and other approved securities) went up by 10.4% to
Rs.7,92,160.000 millions as compared to a deceleration of 3.1% in the previous
year. Investments formed 30.54% of deposits as at March-end 2007 as compared to
34.02% a year ago.
During the year, the financial markets shifted from conditions of easy
liquidity to occasional spells of tightness, necessitating injection of
liquidity through the LAF. The total overhang of liquidity under the LAF, the
Market Stabilization Scheme and surplus cash balances of the Central Government
taken together increased from an average of Rs.74,3340.000 millions in March
2006 to Rs.92,8490.000 millions in September 2006. As a consequence of the
enhanced absorption under MSS and the build-up of the Centre's cash balances,
the overall liquidity overhang increased to an average of Rs.97,4490.000
millions in March 2007.
Adoption of risk management in line with Basel II recommendations
continued to be the major challenge before the Indian banking industry.
Hardening of interest rate scenario and occasional tight liquidity continued to
be concern in short term. Adoption of information technology gained further
momentum during the year, particularly, faster expansion of Centralised Banking
Solution (CBS). Indian agriculture offered greater opportunity for banking
business expansion. Indian banks consolidated further and enhanced financial
strength with an objective to emerge as global entities. The Bank took
advantage of the banking environment to grow further
strength-to-strength.
PROFITABILITY:
Operating Profit:
The Operating Profit of the Bank grew by 7.4% to Rs.1,0999.100 millions during 2006-07 from Rs.1,0241.500 millions during the preceding year. Operating Profit excluding Trading Profit increased by 15.85% from Rs.8852.000 millions during 2005-06 to Rs.1,0255.200 millions during 2006-07, indicating the increase in profit generation from core banking operations.
Net Profit:
The net profit of the Bank grew by 6.23% to Rs.7501.400 millions during 2006-07 from Rs.7061.300 millions during the preceding year. Higher profitability of the Bank may be attributed to increased volume of interest income from advances and enhanced fee-based income.
OFFICES and
BRANCHES:
During 2006-07, the Bank opened 63 branches and merged
two, taking the total number of domestic branches to 2,060, with 969 rural, 368
semi-urban, 433 urban and 290 metropolitan. In addition, the Bank opened its
maiden overseas branch at Hong Kong and also a representative office at
Shenzhen in
DEPOSIT MOBILISATION:
Total deposits of the Bank showed a significant growth of 22.77% to Rs.59,5440.000 millions as on 31.3.2007 while aggregate deposits grew by 23.4% to Rs.58,9950.000 millions. Low cost deposits grew by 18.7% to Rs.22,6120.000 millions as on 31.3.2007, constituting 37.97% of total deposits as compared to 39.28% a year ago. Cost of deposits went up to 5.67% from 4.97% during the period.
The Bank introduced a number of new deposit products like, Champion
Deposit Scheme and Tax Benefit Fixed Deposit Scheme in line with the market
dynamics.
CREDIT DEPLOYMENT:
Total advances of the Bank went up by 39.43% to Rs.41,9140.000 millions as on 31.3.2007. Credit-deposit ratio (gross) stood at 70.4%. Higher growth of the advances portfolio helped the Bank increase its market share in the system to 2.18% from 1.99% during the period. The Benchmark Prime Lending Rate (BPLR) of the Bank was at 12.50%. Yield on advances went up to 9.22% during 2006-07 from 8.75% during 2005-06 in line with the general market scenario.
NON-PERFORMING ASSETS (NPAs)
MANAGEMENT:
The Bank continued its emphatic thrust on:
* Reinforcing credit monitoring and follow-up to prevent slippage to NPAs.
* Strengthening credit risk management.
* Thrust on upgradation of fresh NPA A/c.s.
* Wide implementation of SARFAESI Act., 2002.
* Settlement scheme for different segments of borrowers.
* Recovery of small and cluster loans (including written off debts)
through settlement camps/recovery camps and Lokadalats.
In order to have effective monitoring and recovery of Non-Performing
Assets, the Bank has created separate Cell for NPA Management in each Zonal
Office throughout the country. Besides, in large State like Uttar Pradesh where
Bank's presence is deep and wide spread, a Senior Executive in the rank of
Deputy General Manager has been exclusively assigned the job of NPA
Management.
Gross non-performing assets of the Bank declined to Rs.1,093.590.000
millions as on 31.3.2007 from Rs.1,1838.300 millions as on 31.3.2006 while net
non-performing assets increased to Rs.4401.900 millions from Rs.2460.900
millions during the period.
The gross NPAs as percentage to gross advances declined to 2.61% from
3.94%. The ratio of net NPAs to net advances was at 1.07%. The provision
coverage ratio of the Bank stood at 57.01% while the slippage ratio was at
1.97%.
SOCIAL BANKING:
The Bank continued thrust on rural lending, adopting
fresh policy decisions and formulating new product lines, suitable to the
farming community. The Bank's performance under Priority Sectors and Weaker
Sections is presented below:
Kisan Credit
Card (KCC):
The Bank issued 0.177 millions Kisan Credit Cards involving a credit limit of Rs.8827.300 millions during 2006-07. The cumulative KCC numbered 0.941 millions with a credit limit of Rs.3,3930.800 millions as on 31.3.2007.
Kisan Shakti Yojana
(KSY):
The Bank extended credit facility under KSY to 43,719 Kisan Credit Card holders involving a credit limit of Rs.5749.600 millions during 2006-07. Cumulative number of Kisan Credit Card holders financed under the scheme was 1,38,937 involving Rs.1,8092.800 crores as on 31.3.2007.
SME Sector financing:
Advances to Small and Medium Enterprises (SME) increased to Rs.3,3760.000 millions as on 31.3.2007 from Rs.2,7650.000 millions as on 31.3.2006, showing a growth of 22.09% as against the target of 20% stipulated by the Govt. of India.
Self Help Group:
The Bank formed 46,228 Self Help Groups (SHGs) up to 31.3.2007 of which women SHGs numbered 28,615. A total of 25,895 SHGs were credit linked with a loan of Rs.1015.400 millions.
Training Facilities to Farmers and
Unemployed Youths:
The Bank has been running three training institutes
one each in Rae Bareilly, Uttar Pradesh, Hazaribagh, Jharkhand and Bolpur, West
Bengal to provide training, credit and arranging backward and forward linkages
adopting single window concept. Up to 31.3.2007, 280 programmes were conducted
extending training to 6,704 farmers/unemployed youths, out of which 3,092
trainees were credit linked involving an amount of Rs.261.800 millions.
Financing Women:
The Bank's model scheme, 'Mahila Shakti Yojana', exclusively for the benefit of women entrepreneurs, is under implementation. Bank has allowed 0.50% reduction of interest rate irrespective of size of the limit for the loans to women entrepreneurs under small and medium enterprise.
State Level Bankers' Committee
(SLBC):
The Bank continued thrust for economic uplift of the
State of
Lead Bank Scheme:
Under Lead Bank responsibilities in 17 districts, 13
in Uttar Pradesh, 2 in Jharkhand and one each in Madhya Pradesh and
Regional Rural Banks (RRBs):
Out of the three Regional Rural Banks (RRBs) sponsored by the Bank, two RRBs operating in Uttar Pradesh and one in Madhya Pradesh. These RRBs improved their performance during 2006-07 with an aggregate profit of Rs.241.300 millions. The accumulated profit stood at Rs.3101.600 millions.
The Bank-sponsored RRBs disbursed Rs.770.90 crores during 2006-07 as
against a target of Rs.7740.700 millions under the Service Area Credit Plan.
Fresh disbursement of agriculture credit amounted to Rs.6520.000 millions. A
total of 86,723 Kisan Credit Cards were issued in 2006-07.
Poverty Alleviation Schemes:
The Bank continued to focus on uplift of the downtrodden by effectively participating in various Government sponsored poverty alleviation and employment generation schemes like SGSY, SJSRY and PMRY. In addition, the Bank focused on financial inclusion with an objective to bring more and more poor people under the ambit of banking services.
PRODUCT DEVELOPMENT AND
MARKETING:
The Bank has prioritised innovation and product development, in line with the market dynamics and customer need. The Bank continued its thrust on retail lending and para-banking activities like, Bancassurance, Depository Service etc. to boost fee-based income.
The Bank disbursed Rs.2,7370.000 millions during 2006-07 under its
various retail credit schemes namely, Housing, All Bank Saral, Personal Loan,
AllBank Property etc. The outstanding retail credit grew by 40% to
Rs.7,1883.300 millions as on 31.3.2007
from Rs.5,1368.600 millions as on 31.3.2006.
Bancassurance under tie-up with NIC and LIC, Selling of Mutual Fund
Products under tie-up arrangements with UTI and Principal-PNB, Depository and
Cash Management Services helped the Bank improve fee-based income in
2006-07.
INTERNATIONAL BANKING:
The Bank carries out its international business through 52 authorized/designated branches, which includes 6 International branches and 1 International-cum-Industrial Finance branch. Export Credit of the Bank as on 31.3.2007 stood at Rs.1,2500.000 millions. The Bank maintains correspondent relationships with prime banks abroad and standard settlement instructions in various currencies with 19 foreign banks.
OVERSEAS PRESENCE:
The Bank has transcended the national boundary by
opening its first overseas branch at
INSPECTION AND
HOUSE-KEEPING:
The Inspection and Audit system has put in place internal inspection, concurrent audit, revenue audit, EDP audits; risk based internal audit and system audit. Risk Based Internal Audit (RBIA) , EDP Audit and System Audit are carried out concurrently with regular inspection of branches. Zonal Inspection Committee ensures close monitoring and effectiveness of the Internal Control system. In order to improve the quality of inspection young and energetic officers with sound professional knowledge and operational experience are deputed as inspectors. For ensuring transparency and simultaneous checking of transactions, well qualified and reputed Chartered Accountant Firms have been engaged for concurrent audit of the large, very large, exceptionally large branches, Forex-cum-Treasury Management branch and dealing rooms etc.
During the year 2006-07, regular inspection was carried out in 1,560
branches, 36 currency chests, 28 Zonal Offices, 10 Head Office departments, 6
Staff Training Centres, 9 Field Inspection Offices and 1 Subsidiary.
VIGILANCE:
The vigilance policy of the Bank is in line with the various
guidelines of the Central Vigilance Commission, Reserve Bank of
OFFICIAL LANGUAGE:
Compliance of various provisions under the Official Language Policy was ensured in order to achieve the targets stipulated in the Annual programme. Accordingly, statutory requirements in regard to bilingual issuance of documents under Section 3(3) of Official Language Act, reply of Hindi letters in Hindi, bilingual publication of manuals and codes, bilingualisation of entire stationery items have been ensured. During the year, a large number of officers and employees, not having working knowledge of Hindi, were nominated for various Hindi courses conducted by the Government of India. During the year, 75 Hindi workshops and 68 Desk Training programmes were organised.
The 3rd Sub-Committee of the Committee of Parliament on Official Language
inspected Panna branch under Satna Zone on 5.5.2006. The Drafting and Evidence
sub-Committee of the Committee of Parliament on Official Language held a
discussion programme with their Portblair branch under Zonal Office, Kolkata
(Metro) on 5.9.2006, through TOLIC, Portblair.
The representatives of the Banking Division, Ministry of Finance,
Government of India, inspected their Head Office and
The Bank observed September as `Hindi Month' throughout the country. On
this occasion, their Hon'ble Chairman and Managing Director called upon all the
officers and employees for progressive use of Hindi, through an appeal. During
the month, various Hindi competitions including drawing competition for
children and an All India Hindi Essay writing competition were organised.
The Bank was awarded several national level prizes for outstanding
performance in the area of implementation of official language; `Rajbhasha
Puraskar' under `Indira Gandhi Rajbhasha Shield Scheme', `First Position' in
linguistic Region `A' under `Reserve Bank Rajbhasha Shield Competition'. Also,
Zonal Office, Guwahati and Zonal Office, Chinsurah received `First Prize' under
Regional Implementation Rajbhasha Puraskar Scheme in North-East Region and
Eastern Region respectively. Zonal Office, Jaipur and Zonal Office,
Their Bank was included in the Editorial Board of the prestigious Banking
Hindi journal 'Banking Chintan Anuchintan' published by the Banker's Training
College of Reserve Bank of
ALLBANK FINANCE LTD.:
AllBank Finance Ltd., a wholly owned subsidiary of Allahabad Bank with a capital base of Rs.150.000 millions, refunded the Bank Rs.450.000 millions during 2006-07. The company, registered as Category-I Merchant Banking and Underwriter with SEBI, performs the activities of Corporate Advisory Services, Project Appraisal, Issue Management, Loan Syndication and Underwriting etc. The company posted an operating profit of Rs.28.900 millions during 2006-07 as against Rs.20.200 millions in the previous year.
Allahabad Bank (ABL), the oldest joint stock bank, was set up in 1865 by a Group of Europeans. In 1920, the bank was taken over by P and O Banking Corporation at a bid price of Rs 436 per share. The head office and the Registered Office of the bank were then shifted to Kolkata in 1923 for business considerations and operational convenience. In 1927 the bank went into the fold of Chartered Bank that acquired the controlling interest in the P and O Banking Corporation. However in 1969 along with 13 other major commercial banks, ABL too was nationalised. At the time of nationalisation the bank had a network of 151 branches.
In 1989 United Industrial Bank was amalgamated with the bank. The bank
made a foray into merchant banking activity in 1984 and subsequently
transferred the merchant banking activites to AllBank Finance (AFL), a wholly
owned subsidiary in 1991. Consequent to the SEBI Rules and Regulation the
company surrendered its merchant banking registration in 1998 and got itself
registered as a NBFC with RBI.
ABL, wholly owned by the government of India (GOI), came out with its
first initial public offer (IPO) in Oct 2002 for 10,00,00,000 equity shares of
Rs 10 each at par aggregating Rs 1000.000 millions through the fixed price route.
The main object of the issue is to augment the long-term resources of the bank
and the capital base of the bank to meet its future capital adequacy
requirements. After the issue, the shareholding of GOI will come down to around
71.2%.
ABL, which is 137 year old bank, offers a wide range of banking services.
From its modest beginning, the bank has grown in size and stature to become a
leading banking institution in
Further the bank was one of the first Nationalised Banks in the Eastern
India to be a Depository Participant of National Securities Depository (NSDL),
to offer the demat and related services to its customers. The Bank is also a
leading bank to offer Kisan Credit Card to farmers. Its Retail Banking
Boutiques, numbering 257 as on Oct. 2002, were started in 2000 to act as
exclusive delivery channels for various retail finance schemes. The bank has
tied-up with a reputed company for its Bancssurance Business, which will help
the bank in earning a sizeable fee-based income.
The bank has given the utmost importance on computerization and
automation of its services. The total number of branches computerised stood at
1039 as on March 2003 and the total business covered by these branches is more
then 77%. It is actively participating in the major technology products,
sponsored by RBI like Electronic Data Interchange (EDI), Negotiated Dealing
System (NDS)/Public debt Office (PDO) and Structured Financial Messaging
Solution (SFMS) through Payment Gateway installed at Mumbai. The Bank is fully
geared to start Central Funds Management System and Real Time Gross Settlement
System (RTGSS). It is also participating in Electronic Fund Transfer (EFT) in
the 15 centres and Electronic Clearing Services (ECS) in the important cities
identified by RBI.
The bank has introduced a new scheme 'AllBank Griha Mangal Scheme' in
assocation with LICI to provide life insurance cover under Group plan.
The bank came out with its second public issue of 100.000 millions equity
shares of the face value of Rs.10/- each through book building process during
year 2005-06.
During 2006-07, the Bank opened 63 branches and merged two, taking the
total number of domestic branches to 2,060, with 969 rural, 368 Semi-urban, 433
urban and 290 metropolitan. In addition, the Bank opened its maiden overseas
branch at Hongkong and also a representative office at Shenzhen in
Allahabad Bank (ABL), the oldest joint stock bank, was set up in 1865 by a Group of Europeans. In 1920, the bank was taken over by P and O Banking Corporation at a bid price of Rs 436 per share. The head office and the Registered Office of the bank were then shifted to Kolkata in 1923 for business considerations and operational convenience. In 1927 the bank went into the fold of Chartered Bank that acquired the controlling interest in the P and O Banking Corporation. However in 1969 along with 13 other major commercial banks, ABL too was nationalised. At the time of nationalisation the bank had a network of 151 branches.
In 1989 United Industrial Bank was amalgamated with the bank. The bank
made a foray into merchant banking activity in 1984 and subsequently
transferred the merchant banking activites to AllBank Finance (AFL), a wholly
owned subsidiary in 1991. Consequent to the SEBI Rules and Regulation the
company surrendered its merchant banking registration in 1998 and got itself
registered as a NBFC with RBI.
ABL, wholly owned by the government of India (GOI), came out with its
first initial public offer (IPO) in Oct 2002 for 10,00,00,000 equity shares of
Rs 10 each at par aggregating Rs 1000.000 millions through the fixed price
route. The main object of the issue is to augment the long-term resources of
the bank and the capital base of the bank to meet its future capital adequacy
requirements. After the issue, the shareholding of GOI will come down to around
71.2%.
ABL, which is 137 year old bank, offers a wide range of banking services.
From its modest beginning, the bank has grown in size and stature to become a
leading banking institution in
Further the bank was one of the first Nationalised Banks in the Eastern India
to be a Depository Participant of National Securities Depository (NSDL), to
offer the demat and related services to its customers. The Bank is also a
leading bank to offer Kisan Credit Card to farmers. Its Retail Banking
Boutiques, numbering 257 as on Oct. 2002, were started in 2000 to act as
exclusive delivery channels for various retail finance schemes. The bank has
tied-up with a reputed company for its Bancssurance Business, which will help
the bank in earning a sizeable fee-based income.
The bank has given the utmost importance on computerization and
automation of its services. The total number of branches computerised stood at
1039 as on March 2003 and the total business covered by these branches is more
then 77%. It is actively participating in the major technology products,
sponsored by RBI like Electronic Data Interchange (EDI), Negotiated Dealing
System (NDS)/Public debt Office (PDO) and Structured Financial Messaging
Solution (SFMS) through Payment Gateway installed at Mumbai. The Bank is fully
geared to start Central Funds Management System and Real Time Gross Settlement
System (RTGSS). It is also participating in Electronic Fund Transfer (EFT) in
the 15 centres and Electronic Clearing Services (ECS) in the important cities
identified by RBI.
The bank has introduced a new scheme 'AllBank Griha Mangal Scheme' in
assocation with LICI to provide life insurance cover under Group plan.
The bank came out with its second public issue of 100.000 millions equity
shares of the face value of Rs.10/- each through book building process during
year 2005-06.
During 2006-07, the Bank opened 63 branches and merged two, taking the
total number of domestic branches to 2,060, with 969 rural, 368 Semi-urban, 433
urban and 290 metropolitan. In addition, the Bank opened its maiden overseas
branch at Hongkong and also a representative office at Shenzhen in
WEBSITES DETAILS:
The Oldest Joint Stock Bank of the Country, Allahabad Bank
was founded on April 24, 1865 by a group of Europeans at
Nineteenth Century
- April 24, 1865 The Bank became a part of P & O Banking Corporation's group with a bid price of Rs.436 per share,
- 1890's By the end of the Century, the Bank had
its Branches at
- Twentieth Century
- 1920's The Bank became a part of P & O Banking Corporation's group with a bid price of Rs.436 per share,
- The
Head Office of the Bank shifted to
- July 19, 1969 Nationalized along with 13 other banks, Branches - 151 Deposits - Rs.119 crores, Advances - Rs.82 crores
- October, 1989 United Industrial Bank Ltd. merged with Allahabad Bank,
- Instituted AllBank Finance Ltd., a wholly owned subsidiary for Merchant Banking,
- Twenty-First
Century
- October, 2002 The Bank came out with Initial Public Offer (IPO), of 10 crores share of face value Rs.10 each, reducing Government shareholding to 71.16%,
- April, 2005 Follow on Public Offer (FPO) of 10 crores equity shares of face value Rs.10 each with a premium of Rs.72, reducing Government shareholding to 55.23%,
- June,
2006 The Bank Transcended
beyond the National Boundary, opening Representative Office at
- Oct, 2006 Rolled out first Branch under CBS, now we have 18 CBS branches,
- February,
2007 The Bank opened
its first overseas branch at
- March 2007 Bank's business crossed Rs.1,00,000 crores mark.
Allahabad Bank Housing Finance Scheme
Target Group:
Permanent salaried employees, Professionals & Self-Employed Persons, Businessmen, having regular income to liquidate the loans.
Purpose:
For construction of residential house on land already owned.
For purchase of plot by salaried persons from Govt Agency/ Development Authority or any Government recognised agency (VIZ: HUDA, HOUSEFED) and construction of residential house thereon. However, maximum loan for purchase of plot (where loan for plot is to be sanctioned) will be 85% of the cost of land or 40% of the permissible amount of total loan.
For purchase of house/ flat to be used for residential purpose.
For renovation / extension /Repair of residential house already owned.
For purchase of Unfinished/old house (maximum 20 year old) and renovation/extension/ repair of the same.
For taking over of housing loans from other finance companies/ financial institutions.
(Stamp duty and registration charges, as applicable may also be included in the borrower's project cost so as to enable him / her to avail of Bank finance against the same)
Eligibility:
Housing Loan may be sanctioned to those who have regular income sufficient enough to liquidate the loan alongwith interest within stipulated period of repayment.The employees who have availed of housing loan from their own organisations may also avail of loan from the Bank under this scheme if they are having regular income sufficient to liquidate the loan within the stipulated period and are able to comply with other stipulations of the scheme.
However, special facility is also available as under
Repayment Option for salaried persons desirous to extend the
repayment period beyond the date of retirement under Public Housing Loan Scheme
of the Bank will be eligible upto 5 years after the date of retirement.
Availability of Progressive monthly installments (PMI) options under public housing loan scheme.
Nature of Loan: Term Loan
Loan amount:
In case of salaried persons: The loan amount will be restricted to 60 times of monthly gross salary last drawn subject to the condition that it is within the project cost less stipulated margin and Total deductions including EMI of proposed loan should not exceed 40% of the Gross monthly salary of the applicant.
In case of others: The loan will be restricted up to 4 times of gross Income average shown in last 3 years Income Tax Assessment Order/ acknowledged copy of income tax return subject to the condition that it is within the project cost less stipulated margin and Total deductions including EMI of proposed loan should not exceed 40% of the Gross monthly income of the applicant as per IT Returns.
Income Tax returns will be got verified by engaging services of Chartered Accountant.
For repairing/furnishing of house/flat: Maximum loan for Repairing/ Furnishing of existing House/ Flats will be 75% of the estimated expenses or Rs 3, 00,000 which ever is low subject to the condition that borrower has sufficient repaying capacity as per income criteria given hereunder: The minimum take home monthly salary/income taking into account all deductions (including EMI of proposed loan) should not be less than 40% of last month's gross salary in case of salaried persons & 50 % of average gross monthly income as per average of last three years IT Return in case of others.
4.3 For application money raised by Housing Boards/ Development Authorities: Permissible Loan amount for Application Money raised by local Housing Boards/ Development Authorities will be 75% of application amount or Rs 3,50,000/- which ever is lower subject to the condition that the borrower has capacity to repay the loan within stipulated repayment period.
4.4. For Joint Borrowers: While computing repaying capacity in case of joint borrowers*, income of all borrowers may be clubbed. Joint borrowers may be the co-owner of the property or they may not be co owner (but must be legal heirs of owner of the property / PF nominee / Spouse having future interest in the property) but their income is to be considered as one of the source of loan repayment. (*However, Income of Co- borrower / (s) will be clubbed only if source of income of co-borrower is salary and co-borrower / (s) is a permanent employees of Government / Semi Government / Public Sector Unit/ Multinational Corporate Houses/ Blue Chip Companies / reputed companies.)
Note: Income Tax return must be obtained in all cases including salaried persons.
Margin:
15% of project cost in case of salaried person
25 % of project cost for others and
in case of repairing / furnishing 25% in all categories (including salaried class)
Project cost will consist of -
Purchase price of land/ house/ Flat, plus
Cost of construction/ renovation/ extension (if applicable) plus
Stamp duty and registrations charges, as applicable plus Accrued Interest amount of moratorium period, if proposed to be capitalized
It will be ensured that margin at all stages has been contributed by the borrower upfront where disbursement is to be made in phases.
Rate of interest
|
Particulars |
Revised rates |
|
|
|
Floating |
Fixed |
|
i) Upto 5 years |
PLR-1.75 |
12.25% |
|
iI) Upto 5 years to 10 years |
PLR-1.50 |
12.50% |
|
iII) Upto 10 years 15 years |
PLR-1.25 |
12.75% |
|
iV) Upto 15 years 20 years |
PLR-0.75 |
13.25% |
(** For housing loans having above Rs. 20.00 lacs the Interest Rate will be 0.50% more than the rates applicable in each slabs. &
** If the borrower opts for fixed rate option, interest rate will be increased
by 1.50% on each slab as per existing structure. The rates prescribed under
fixed rate option are indicative, taking in view of the present PLR.)
· Subject to "interest rate reset" clause in terms of which fixed rates may be reset at the end of every three years on the basis of interest rate prevailing at that time.
· Subject to "force maejure" clause in terms of which Bank is authorized to revise fixed interest suitably and prospectively in the event of major volatility in interest rates.
· Borrower of housing loan may exercise the option to switch over at any point of time from floating to fixed or vice versa on the condition that borrower has to pay as under:
From Fixed to Floating- 2% of outstanding balance for exercising the option
From Floating to fixed- 0.50% of outstanding balance for exercising the option
Security:
I] Primary:
a) Equitable/ Registered mortgage of the property or
b) Pari-
passu charge over the property if the borrower (salaried person) has already
availed loan from his organisation.
II] Collateral
Security:
i] Personal Guarantee of one person of means and standing acceptable to the Bank will be taken in all cases. However, in case of delay in creation of mortgage Personal Guarantee of two person of means and standing will be taken, where delay over 6 months in creation of equitable mortgage of the property to be financed by the Bank is expected. In case of delay in creation of equitable mortgage of the property beyond 6 months, collateral security to the extent of loan amount in the shape of immovable property or financial securities or personal guarantee of two persons of means & standing acceptable to the Bank will be taken. However, the same will not be needed where a property is being purchased from seller/builder as mentioned hereunder:
· Housing Board/ Development Authority /Govt agency
· Good rated /reputed housing company / builder/developer well known at national / state level (VIZ: Ansal, Gujarat Ambuja, Bengal Ambuja, Bengal Peerless, Sahara Housing). List of such reputed housing companies/ developers will be circulated by respective Zonal Offices after its careful scrutiny and a copy will be endorsed to Retail Credit Section, Head Office.
· Approved Housing Societies notified by Zonal Offices.
· Builders/Developers whose project has been approved by the Bank as per bank's guidelines. (Approval of housing projects for the purpose of tie-up arrangement for loan to their prospective buyers where builder/developer is not seeking finance from the bank for the housing project may now be accorded by the Zonal Head).
Documentation: In a booklet form complete in all respect.
Processing Fees: 0.50% of loan amount, Maximum Rs. 10,000/-
Documentation Charge: Actual expenses / charges incurred for creation of mortgage.
Disbursement:
In case of purchase of flat / House payment should be made direct to seller / promoters / societies by DD/ Banker's cheque and should be issued in the name of builders with Bank account number on it. Bank's official should be sent for delivering the cheque / draft to the builders / sellers property at the registered addressed mentioned in the title deed.
In case of construction of new house / flat, loan will be disbursed in a phased manner, in 4 or more installments. Each such installment will be released only after verification of end use of funds already released by the bank.
Repayment Period & Moratorium:
A Repayment Period:-
I. For construction of House &/ or Purchase of House/ Flat/Residential Plot:For salaried Persons-- Maximum 20 years or length of remaining service, whichever is less.For Others -- Maximum 15 years or remaining period in attaining an age of 65, which ever is earlier.
II. For Repairing/ Furnishing of House/ Flat:For salaried Persons-- Maximum 7 years or length of remaining service, whichever is less.For Others -- Maximum 7 years or remaining period in attaining an age of 65, which ever is earlier.
III. For Application Money raised by Housing Board/ Development Authority:12 Months or receipt of refund order, which ever is earlier.
IV. Other Norms on Repayment Period:
Repayment period will be exclusive of moratorium period.
If the borrower desires to repay the loan in shorter period, he/she may be allowed to do so and monthly installment will be fixed accordingly. Interest will be realised on monthly basis during the moratorium period. However, in case of salaried persons the interest amount may be capitalised (i.e. included in project cost) on request of the borrower.
i) Loan Repayment
Options is available.
a)
Repayment
option for salaried persons desirous to extend the repayment period beyond the
date of retirement under Housing Loan Scheme:
· To extend repayment period of housing loan to salaried persons upto 5 years after the date of retirement subject to the condition that EMI will be within 60% of their estimated post retirement monthly earnings (pension plus ascertainable other income such as rental earnings, income from investment in securities/LIP/NSC etc.., if any) as also existing net take home salary after taking all deductions will not be below 40% of gross salary.
· There will also be flexibility to consider some lump sum / bullet payment of full or part of the loan outstanding out of future sources of fund and draw the repayment schedule accordingly.
· If post retirement EMI is more than stipulated norms, pre-retirement EMI may be proportionately increased with borrower's consent.
b)
Offering
progressive monthly instalments (PMI) options
· Under the plan, the initial monthly instalments for the first 5 years shall be kept lower i.e., 80% of normal EMI and it will gradually go up to 90% of EMI plus whatever shortfall during the first 10 years shall be realized after 10th year of loan. Accordingly, a three-tier repayment schedule will be drawn up.
· Borrowers will have also option for 2 tier repayment structure (with first tier not above one third of repayment period)
· Borrowers may also get higher amount of progressive monthly instalments (PMI) than the above norms by opting higher %of EMI for PMI calculation.
Existing borrower or Bank's employees also can exercise options (a) & (b).
· Minimum 24 PDCs will be obtained before releasing of fund except salary tied-up cases.
Prepayment Penalty
· If liquidated within 1 year: 2% of outstanding balance· If liquidated after 1 year: 1.50% of outstanding in case of takeover.
PRESS RELEASE:
In view of the ensuing festive season, Allahabad Bank, one of the leading nationalized banks, has decided to reduce interest rates on fresh Housing Loans under various maturity buckets by 1% across the board both on floating and fixed rates sanctioned/availed from the Bank w.e.f. 4th September, 2007. This reduction of interest rates on Housing Loans applicable for loans both above and below Rs.2.000 millions will be a welcome feature to the Housing Loan aspirants and trust it will increase credit off-take under Housing Loan Scheme of the Bank.
Effective from 4.9.2007, the rates of interest per annum for sanctioned amount below Rs.2.000 millions are Up to 5 years maturity floating PLR - 2.75% i.e. 10.50% (fixed 12%), for maturity above 5 up to 10 years PLR - 2.50% i.e. 10.75% (fixed 12.25%), for maturity above 10 up to 15 years PLR - 2.25% i.e. 11% (fixed 12.50%) and for maturity above 15 up to 25 years PLR - 1.75% i.e. 11.50 (fixed 13%).
The rates of interest per annum for sanctioned amount above Rs.2.000 millions are Up to 5 years maturity floating PLR - 2.25% i.e. 11% (fixed 12.50%), for maturity above 5 up to 10 years PLR - 2% i.e. 11.25% (fixed 12.75%), for maturity above 10 up to 15 years PLR - 1.75% i.e. 11.50% (fixed 13%) and for maturity above 15 up to 25 years PLR - 1.25% i.e. 12% (fixed 13.50%).
Allahabad Bank is going to reduce the interest rates on domestic term deposits in some time buckets with effect from 20.08.2007. The reduction will be applicable on all types of term deposits including Recurring Deposit and Capital Gains Accounts Scheme, 1988.
The reduction in the interest rates will be in the time buckets of 1 year to less than 2 years from 9.00% per annum to 8.50% per annum (reduced by 50 basis points), 2 years to less than 3 years from 9.25% per annum to 8.50% per annum (reduced by 75 basis points) and 3 years to less than 5 years from 9.25% per annum to 9% per annum (reduced by 25 basis points). Interest in the time bucket of 91 days to 180 days however has been revised from 6% per annum to 6.25% per annum. Interest in other time buckets will remain unchanged.
The rates of interest to be effective from 20.8.2007 vis-ŕ-vis earlier rates on term deposits are given below in tabular form:
|
Period of Deposit |
Effective from 25.06.07 |
Effective from 16.07.07 |
Effective from 20.8.07 |
|
7 days to 14 days (For minimum deposit of Rs.1 lac) |
3% |
3% |
3% |
|
15 days to 29 days |
3% |
3% |
3% |
|
30 days to 45 days |
4.75% |
4.75% |
4.75% |
|
46 days to 60 days |
5.50% |
5% |
5% |
|
61 days to 90 days |
5.50% |
5.50% |
5.50% |
|
91 days to 180 days |
6.50% |
6% |
6.25% |
|
181 days to less than 1 year |
7.50% |
7.50% |
7.50% |
|
1 year to less than 2 years |
9.50% |
9% |
8.50% |
|
2 years to less than 3 years |
9.25% |
9.25% |
8.50% |
|
3 years to less than 5 years |
9.25% |
9.25% |
9% |
|
5 years and above (up to 10 years) |
9% |
9% |
9% |
The revised rates will be applicable for fresh and renewal of deposits.
The additional interest rates over and above the card rates for domestic term deposits for Senior Citizens remain unchanged as under:
· 1% for the deposit period of 15 days to less than 1 year.
· 0.50% for deposit period of 1 year up to 10 years
Allahabad Bank pays 30% dividend to Government of India
Shri A.C. Mahajan, Chairman & Managing Director of
Allahabad Bank today in
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.1,00,0000.000 millions mark as on 31.3.2007 and stood at Rs.1,01,4580.000 millions as on March-end,2007 as against Rs. 78,5610.000 millions at March-end,2006 showing a growth of 29.15%. Deposits grew by 22.77% (industry growth 23%) to Rs. 59,5440.000 millions from Rs 48,5000.000 millions during the same period. Gross Credit as on 31.3.2007 stood at Rs.41,9140.000 millions 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.
Other Information:
|
|
31.03.2007 |
31.03.2006 |
|
Contingent
Liabilities |
203197.144 |
210629.468 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. |
|
|
1 |
Rs. |
|
Euro |
1 |
Rs. |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
|
|
PAID-UP CAPITAL |
1~10 |
|
|
OPERATING SCALE |
1~10 |
|
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILIRY |
1~10 |
|
|
--LIQUIDITY |
1~10 |
|
|
--LEVERAGE |
1~10 |
|
|
--RESERVES |
1~10 |
|
|
--CREDIT LINES |
1~10 |
|
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
|
|
--LITIGATION |
YES/NO |
|
|
--OTHER ADVERSE INFORMATION |
YES/NO |
|
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
|
|
--EXPORT ACTIVITIES |
YES/NO |
|
|
--AFFILIATION |
YES/NO |
|
|
--LISTED |
YES/NO |
|
|
--OTHER MERIT FACTORS |
YES/NO |
|
|
TOTAL |
|
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|