Allahabad Bank Concludes Annual General Meet of Shareholders

| Didhiti Ghosh, Bureau Chief, IOP, Kolkata - 29 Jun 2019

Allahabad Bank Concludes Annual General Meet of Shareholders

By Didhiti Ghosh, Bureau Chief (Kolkata), IOP

Kolkata, June 29, 2019: Allahabad Bank, a premier nationalized Bank held its 17^th Annual General Meeting of shareholders on 28^th June 2019 at Bhasha Bhawan Auditorium, Kolkata.

In the meeting, the Bank obtained the approval of its shareholders in respect of the published Audited Financial Result for the year ended 31^st March 2019.

In this occasion, CH S S Mallikarjuna Rao, Managing Director & CEO apprised the shareholders in length about the performance of the Bank during the FY 2018–19. Rao informed that the total deposits of the Bank stood at INR 2,14,335 crores and the advances stood at INR 1,63,552 crores. The share of domestic low-cost CASA deposit stood at 49.49%, one of the highest in the financial sector.

The Bank has obtained Board approval to raise a capital of INR 4,000 crores through various modes during the year.

CH S S Mallikarjuna Rao also said that Bank is looking at a modest business growth through a focus on consolidating CASA base & increasing dependency under the retail sector. Allahabad Bank expects to break even during Q1 FY20 and thereafter post net profits consistently.

In Cover Image: Mallikarjuna Rao, MD & CEO, Allahabad Bank

(DIDHITI GHOSH is an India Columnist at La Agencia Mundial de Prensa, and is the Bureau Chief of Indian Observer Post based in Kolkata. She is a Guest Faculty of the Centre for Linguistics, Maulana Abul Kalam Azad University of Technology, WB. E-mail: didhiti.24@gmail.com | LinkedIn: https://bit.ly/2H6gNAv).