Kolkata-based Allahabad Bank has reported a 17.77 per cent growth in net profit at Rs 276 crore for the quarter ended September 30, 2013.
The bank's total business stood at Rs 3,14,262 crore, a growth of approximately 15 per cent, over Rs 2,74,116 crore it reported in the corresponding quarter last fiscal.
According to Subhalakshmi Panse, CMD, Allahabad Bank, the Centre has decided to opt for a capital infusion of Rs 400 crore in the bank.
The bank would also opt for Qualified Institutional Placement (QIP) to the tune of Rs 330 crore. Depending on market conditions, QIPs could either be by the end of this fiscal or in 2014-15.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.