The Allahabad Bank has crossed Rs 1000 crore business in Orissa in 2002-03 registering a 33 per cent growth in volume over the previous year.
This comprised of Rs 625 crore in deposits and Rs 375 crore in advances. The total volume of business of the bank in 2001-02 stood at Rs 751 crore.
"But compared to 1996-97, the business of the bank has increased four fold from only Rs 250 crore then", points out Jagannath Mishra, AGM of the bank.
The growth in network and business of the Allahabad Bank in Orissa was particularly spectacular during the last seven years during the tenure of Bidhu Bhusan Samal as the executive director and CMD of the bank, he added.
The profit of the bank's Orissa operation which was only Rs 11 crore in 2001-02 is expected to increase to about Rs 18 crore in 2002-03.
Meanwhile, the bank's NPA in Orissa is showing a declining trend. By March end, 2003, the NPA stood at Rs 24 crore over an advance of Rs 375 crore against Rs 32 crore (advance Rs 239 crore) in the previous year.
The gross NPA is below 8 per cent, Mishra said. The bank has maintained a healthy credit-deposit (CD) ratio in the state compared to other nationalized banks.
Against average CD ratio of 52 per cent for nationalized banks, the CD ratio of Allahabad Bank in Orissa was 59 per cent. The priority sector lending was more than the RBI norm of 40 per cent, he added.
The bank's business clientele in the state ranged from public and public institutions to tourism, hotels, infrastructure projects and other private sector industries.
It has also opened 13 boutiques in different cities for easy distribution of consumer loans. Out of the total Rs 375 crore advances, consumer loans were to the tune of Rs 100 crore of which housing finances accounted for 75 per cent.
In the process of expanding its branch network, the bank intends to open four branches in Bhubaneswar soon.
Besides, it has completed the ground work for opening of five more branches at Bhawanipatna, Rayagada, Jeypore, Bargarh and Pattamundai. As of now, the bank has 58 branches in the state of which 28 are in rural areas.
Nearly 80 per cent of the bank's operation in Orissa is computerized, Mishra said, adding, the bank, at present, has four stand alone ATMs while four more are in the pipeline.
