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.