Allahabad Bank has executed an agreement with Vakrangee in Kolkata whereby the bank has authorized the company as its National Business Correspondent on PAN India basis. As per the scope of work of engagement with the bank, in addition to other normal banking activities, the company shall be opening at least 2 accounts for each household (out of 2 accounts one should be of the lady member of the house).
The bank’s net profit for first quarter ended June 30, 2014 declined by 72.71% at Rs 112.72 crore as compared to Rs 413.09 crore for the quarter ended June 30, 2013. However, the bank’s total income has increased by 8.94% to Rs 5518 crore for the quarter under review from Rs 5064.95 crore for the corresponding quarter of the previous year.
The bank’s gross NPA for the April-June quarter of the current fiscal stood at 5.48%, as compared to 4.78% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 3.88% in Q1FY15.
