Allahabad Bank, a premier nationalized Bank held it’s 17th Annual General Meeting of the shareholders of the Bank on 28.06.2019 at Bhasha Bhawan Auditorium, Kolkata.
In the meeting, the Bank obtained the approval of the Bank’s shareholders in respect of the Bank’s Audited Financial Result for the year ended 31.03.2019.
In this occasion, Shri CH S S Mallikarjuna Rao, Managing Director & CEO apprised the shareholders in length about the performance of the Bank during the year FY 2018–19. He informed that the total deposits of the Bank stood at Rs. 2,14,335 crore and advances stood at Rs. 1,63,552 crore. The share of domestic low cost CASA deposit stood at 49.49%, one of the highest in the Industry.
The Bank has obtained Board approval to raise Rs. 4,000 crore capital through various modes during the year.
Shri CH S S Mallikarjuna Rao also said that Bank is looking at a modest business growth through focus on consolidating CASA base & increasing dependency under retail sector. The Bank expects to break even during Q1 FY20 and thereafter post Net Profits consistently.
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