Allahabad Bank declared Net Profit of Rs 200 Cr In Q1

Allahabad bankMumbai: Allahabad bank has declared its quarterly earnings on Saturday. It recorded 56.26 per cent enhancement in net earnings that stood at Rs 200.39 crore for the quarter ended June 30, against Rs 128.24 crore in the same period of the last year.

For the first quarter ended June 30, 2007, the bank’s total income zoomed 40.16 per cent to Rs 1535.10 crore from Rs 1095.20 crore in the same period last year.

Shares of the bank closed after making a profit of 3.27 per cent at Rs 91.70 on yesterday.

Allahabad Bank is one of the oldest public sector Indian banks. It was established in 1865 by a group of Europeans with a seed capital of Rs 2 lakhs. The bank had branches at Jhansi, Kanpur, Lucknow, Bareilly, Nainital, Kolkata and Delhi in the end of 19th century.
Now its head-quarters are in Kolkata. The Indian government nationalized the bank on 19th July, 1969 along with 13 other commercial banks.