Allahabad Bank zooms as its arm plans to focus on new segments to drive revenues

Allahabad Bank - (Amalgamated) | Bank - Public | BFSI | BSE: 532480 | NSE: ALBK

03 Jan 2012 Evaluate

Allahabad Bank is currently trading at Rs. 120.45, up by 3.85 points or 3.30% from its previous closing of Rs. 116.60 on the BSE.

The scrip opened at Rs. 116.60 and has touched a high and low of Rs. 120.75 and Rs. 116.05 respectively. So far 47871 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 240.00 on 30-Mar-2011 and a 52 week low of Rs. 113.60 on 29-Dec-2011.

Last one week high and low of the scrip stood at Rs. 121.65 and Rs. 113.60 respectively. The current market cap of the company is Rs. 5714.59 crore.

The promoters holding in the company stood at 58.00% while Institutions and Non-Institutions held 30.21% and 11.79% respectively.

Allahabad Bank’s subsidiary AllBank Finance, barely functional since 2005 is planning to focus on new segments to drive its revenues. The company hit by falling revenues and profits, which almost halved last fiscal, is now on a revamp spree. The board reconstituted by Allahabad Bank two months ago, will have four members from the bank on the board.

The company plans to venture into such new areas as trustee and custodial services and carry out techno-economic viability study of projects to improve earnings, other than raising debts, doing syndication of loans and distributing mutual funds. It is likely to open new branch in Delhi by end January and another one, either in Bangalore or Chennai, by March. Currently, it has two branches, one each in Kolkata and Mumbai.

Incorporated in 1951 as ‘Allahabad Bank Nominees’, the company subsequently changed its name to ‘AllBank Finance’ in 1991. It has, however, remained dormant since 2005.

Allaha.Bank-Amalgama Share Price

15.15 0.00 (0.00%)

19-Mar-2020 18:01 View Price Chart

Peers

Company Name	CMP
SBI	979.65
PNB	105.65
Bank Of Baroda	271.35
Canara Bank	133.00
Union Bank Of India	166.55
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