At the 10th Annual General Meeting of Allahabad bank, held in Kolkata, the bank announced that it has set its sights on a 21.39 % business growth at around Rs.3,300 billion at the end of the current financial year.
Talking on the matter, the Chairman and managing director of the bank, Mr. J.P. Dua , said, "Sustaining its growth momentum, the bank has targeted a business growth of 21.39 per cent during the current year and projected a business level of around Rs.330,000 crore as on March 31, 2013".
Dua said that the growth could be achieved due to the banks attention towards a better customer service, branch expansion and introducing new products. All of this culminated into a hike in the bank's total business by 20.04 per cent at Rs.2,718.43 billion during the previous fiscal.
The bank also has expansion plans, both within and outside India. In the current financial year, the bank plans to open 250 branches and install 1000 ATMs .
On the bank's international presence, Mr. Dua said that the bank has projected to open more branches abroad to augment its international presence. He said, "In order to increase overseas presence, apart from the existing overseas branch at Hong Kong and the representative office at Schenzen, China, the bank has planned to open more overseas branches".