Allahabad Bank sees 27 percent credit growth in Q2

Kolkata, Sep 14 (Calcutta Tube) City-based public sector Allahabad Bank expects a 27 percent growth in credit in the second quarter (July-September) of the current fiscal (2010-11) on the back of a high demand for loans, a top bank official said here Tuesday.

‘For the full year we expect to post a 5 percent more growth in credit than what the banking industry is likely to achieve,’ Executive Director M.R. Nayak told reporters on the sidelines of a seminar organised by FICCI.

The bank expects 25-26 percent credit growth for 2010-11.

About fund raising plans, Nayak said Allahabad Bank may raise upto Rs.1,000 crore of debt by March. But the bank would rather wait for the government to infuse the same amount it had asked for earlier.

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