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Moneycontrol.com >> Message Board >> View Messages >> Allahabad Bank
   You are here :     Moneycontrol     MMB      Stocks      Allahabad Bank
MTM hit to Allbank net (1)   20-Jul-08 23:26Tracked by (0)  
Posted by:   latikav on ( 20-Jul-08 23:26 )
Price : BSE: Rs 57.85 ( 0.78 % ), NSE: Rs. 57.70 ( 0.70 % )
Allahabad Bank has waived Rs 1,041 crore of farmers’ loans, according to the bank’s executive director, KK Agarwal.

“The waiver has benefited 5 lakh farmers, out of which 4 lakh are direct beneficiaries and 1 lakh are indirect beneficiaries,” Agarwal said here on Friday.

He said that during the current financial year, the bank has set a target to disburse Rs 10,800 crore of agriculture loans, which would be around 18% of total disbursals.

Agarwal overruled the possibility of an immediate rights issue. “The size of the issue will depend on the market and also on the approval from Reserve Bank of India,” he said.
Meanwhile, the bank posted a net profit of Rs 93.96 crore for the first quarter of this fiscal, a massive decline from the Rs 200.40 crore posted during the corresponding quarter of the previous fiscal.

Total business in Q1 stood at Rs 1,23,451 crore, up from Rs 1,03,378 crore in Q1FY08. However, the rise in yield of government securities left the bank with a Rs 264.08 crore mark-to-market hit, which in turn hit profits.

DNA

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positive outlook
latikav | vkk43

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buy buy buy buy ... target 85 short term - if you r so much confident then invest all ur mone...

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