AllBank Finance earns 25 per cent higher net profit

KOLKATA: AllBank Finance, a wholly-owned merchant banking subsidiary of Allahabad Bank, has reported a 25% rise in net profit in 2013-13 but decided against paying dividend to the parent bank.

The company earned a net profit of Rs 3.63 crore as compared with Rs 2.90 crore last time while its activities were mostly confined to doing techno economic viability studies on upcoming projects, its annual report said.

Its investment portfolio rose about 7% to Rs 47 crore last fiscal but income from it dipped to Rs 3.33 crore from Rs 3.43 crore amid a shaky equity market.

The company is engaged in corporate advisory services, project appraisal, issue management, loan syndication and trusteeship underwriting.

The annual report said it plans to focus on activities like debt syndication, trusteeship, techno economic viability studies and project appraisals this fiscal while its parent bank is in the process of appointing a new chief executive for the subsidiary.