Andhra Bank registers Rs 274 crore net profit in Q2

Last Updated: Saturday, October 31, 2009 - 17:57

Kochi: Public sector Andhra Bank on Saturday said
its net profit stood at Rs 274 crore in the quarter ended
on September 30, a growth of 70 percent over Rs 162 crore
registered in the corresponding period last year.

Total business of the bank improved to Rs 1,10,460 crore,
up by 27 percent and the operating profit improved to Rs 453
crore, an increase by 63 percent, Prasanna Panicker, Deputy
General Manager, Andhra Bank, told reporters here.

Total deposits rose to Rs 62,279 crore, a growth rate of 23
percent while the Credit Deposit Ratio had improved to 77.70
percent.

Gross advances grew by 32 percent to reach Rs 48,182
crore. The total income grew by 23 percent and total
expenditure had been contained at 14 percent, she said.

The bank had opened 104 branches during the half year,
taking the total number of branches to 1,536.

All braches of the bank were under Core Banking System
(CBS) and Online Tax payment (e-tax) was launched along with
internet banking, she said.

The bank was aiming to attain a business of Rs 1,30,000
crore by the end of March 2010 at a growth rate of 30 percent
and Rs 1,50,000 crore by September 2010, she said.

Panicker said Current Account and Savings Account (CASA)
deposits stood at 32.34 percent of the total deposits and the
bank was targeting to reach CASA percentage of 33 percent of
total deposits by March 2010. "Bank will be rolling out the
insurance products of its own Joint Venture for sale by July
2010," she said.

Bank was also planning to start banking subsidiary in
Malaysia, jointly with Bank of Baroda and Indian Overseas
Bank, which was expected to function next year, she said.

The bank with a business of Rs 600 crore in the state was
targeting a business of Rs 750 by march 2010.

She said Bangalore Zone, consisting of Karnataka and
Kerala, was aiming to touch a business level of Rs 6,500 crore
and also 75,000 clientele by March 2010.

Bureau Report



First Published: Saturday, October 31, 2009 - 17:57

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