Leading Public sector bank, Allahabad Bank has announced its first quarter financial results for the fiscal year 2010-11. According to the report, it has registered a significant 15% rise in the net profit figure in the quarter under review.

Allahabad Bank has informed that it has posted a net profit of Rs 347 crore for the quarter that ended in 30th June, 2010 which is almost 15% of the net profit figure of the similar quarter in the last fiscal. Chairman and Managing Director of Allahabad Bank, Mr. J P Dua has informed that the bank is looking forward to raise Rs 2,600 crore in the ongoing financial year.

The bank has planned for this fund rise and to be executed soon. As per Mr. Dua, the bank is anticipating a credit growth of 25% in this fiscal year.

He has revealed that the board of directors have decided to raise the amount from the market. Apart from that, he has informed that there has been a growth of 24.12% and 21.16% in credit and deposit of the bank in the June quarter of the year.