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2012-09-17

Allahabad Bank looks for business growth as credit demand rises

Allahabad Bank is targeting growth in its business by 17-18 per cent in this fiscal as the demand for credit has increased from SME and retail sectors. The bank had earlier registered a slow growth rate in business in the first quarter.

Allahabad Bank is targeting growth in its business by 17-18 per cent in this fiscal as the demand for credit has increased from SME and retail sectors. The bank had earlier registered a slow growth rate in business in the first quarter.

“We have stepped up our recovery efforts,” said T.R. Chawla, Executive Director told to reporters.

The bank is currently focusing on retail segment to increase its share in the overall business from current 15 per cent to 20 per cent in few years.

“To partly achieve this goal, the bank is trying to bring young people into its fold,” Chawla added.

“We are adding 250 new branches to our network of about 2,500 in the current fiscal. We intend to keep on adding 250 branches every year for the next three years,” Chawla said on expanding its branch networks.

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