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Allahabad Bank to raise $500m

Special Correspondent

KOLKATA: Allahabad Bank is planning to go in for a medium term note (MTN) issue of around $500 million which would be listed on the Singapore Exchange. The issue is likely to be made within this fiscal. A senior bank official said that the instrument would have a tenure of about five years and would help raise long-term funds for meeting the bank's capital needs for setting up overseas branches.

The bank, which closed 2010-11 with a 17.9 per cent increase in net profit and a 26 per cent increase in total business, is looking at overseas expansion with branches in Shanghai, Kowloon, Singapore and Dhaka. Necessary approvals have been sought from the Reserve Bank of India, the official said.

At a meeting to announce the results, Chairman and Managing Director J. P. Dua, said that while total business increased to Rs.2,26,458 crore, the net profit rose to Rs.1,423 crore during the year ended March 31, 2011. Net interest margin increased to 3.4 per cent from 2.5 per cent.

The bank has recommended a dividend of Rs. 6 per share for 2010-11.

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