Allahabad Bank to introduce four foreign branches this year

State-run Allahabad Bank is likely to open four foreign branches this year, while it also plans to open 250 branches across the country. It has applied for four licenses to the Reserve Bank of India. These four foreign branches will be located in Shanghai, Singapore, Dhaka and an additional branch in Hong Kong at Kowloon. At present bank have a branch in Hong Kong and a representative office in Shanghai.

The bank has posted a rise of 55.36% in its net profit at Rs 400.22 crore for the quarter ended March 31, 2012 as compared to Rs 257.61 crore for the same quarter in the previous year. Total income has increased by 26.05% at Rs 4523.38 crore for quarter under review as compared Rs 3588.68 crore for the quarter ended March 31, 2011