Allahabad Bank FPO Details

Established in 1865, Allahabad Bank is one of India's oldest and leading public sector commercial banks, headquartered in Kolkata. It is India's eighth largest bank in terms of assets, serving over 15 million customers across India through a network of 1,938 branches.
The bank offers a full range of banking products and services across corporate and commercial banking, retail banking, agricultural lending and treasury operations. Its corporate and commercial banking products include term loans, bill discounting, export credit, letters of credit, guarantees and cash management services. Its retail product portfolio covers home loans, personal loans, automobile loans, education loans, debit cards, insurance distribution and mutual fund products. The bank has a strong focus on the agricultural sector, offering Kisan Credit Cards, Kisan Shakti Yojana and various investment and indirect financing products for farmers. It also provides priority sector lending including credit to small scale industries and micro credit to Self Help Groups.
The bank delivers its services through 1,938 branches comprising 960 rural, 326 semi-urban, +386 urban and 266 metropolitan branches, along with 100 ATMs, 140 extension counters, internet banking and telebanking across 13 branches in 8 cities. Of its branches, 955 are computerised and 281 are electronically interconnected. The Government of India is the largest shareholder, holding approximately 71.16% of the pre-issue paid-up equity share capital.
As of December 31, 2004, the bank's total assets stood at Rs. 4,21,946.2 million, total deposits at Rs. 3,81,418.2 million and total advances at Rs. 1,99,564.5 million. Total income for fiscal 2004 was Rs. 34,184.8 million with a net profit of Rs. 4,633.9 million. The bank had 19,107 employees as of December 31, 2004. It has a wholly owned subsidiary, AllBank Finance Limited, and has promoted seven Regional Rural Banks across Uttar Pradesh and Madhya Pradesh.
Key strengths include a large low-cost deposit base with CASA ratio of 38.41%, a well-diversified loan portfolio, a steadily improving NPA coverage ratio of 77.05% as of December 31, 2004, a comprehensive risk management framework, and strategic tie-ups with National Insurance Company, Life Insurance Corporation of India, Export Credit Guarantee Corporation and UTI Mutual Funds. The bank is also in the process of expanding internationally, with plans to open a branch in Hong Kong and a joint venture representative office in Kazakhstan with Punjab National Bank.