Allahabad Bank has decided to raise capital from various means including Qualified Institutional Placement (QIP). The board of company at its meeting held on December 22, 2014 has approved for the same. Funds would be raised in such a manner that the equity shareholding of the Government of India will not go below 52 per cent. The government holding in the bank stood at 58.90 per cent at the end of September 2014.
The bank registered 48.71% fall in its net profit at Rs 141.44 crore for second quarter ended September 30, 2014 under review as compared to Rs 275.81 crore for the same quarter in the previous year. However, total income of the bank increased 2.14% at Rs 5416.63 crore for Q2FY15 as compared Rs 5303.06 crore for the corresponding quarter previous year.
