ANDHRA BANK EYES RS.1000 CRORE NET PROFIT

According to Mr. A.A. Taj, Executive Director of Andhra Bank, the bank expects to achieve a net profit of Rs.1000 crore and a total business of Rs.1.3 lakh crore by the end of 2009-10.


According to him, during the April-December period of this fiscal, the bank has already clocked net profit of Rs 806 crore, a 78.32 per cent jump over Rs 452 crore achieved in the corresponding period of the previous fiscal.



The bank's total business touched Rs 1,17,899 crore for the third quarter ended December 31, 2009 which is a growth of 23.04 per cent over the same period of previous fiscal. Of this total business, deposits stood at Rs 66,547 crore while advances reached Rs 51,352 crore, recording a growth of 23.7 per cent and 22.19 per cent respectively over the same period of the previous fiscal.  The gross NPA  reduced from 0.89 per cent to 0.87 per cent whereas the net NPA came down to 0.17 per cent from 0.21 per cent.


Mr. Taj has ruled out an upward revision in interest rates  at least till June this year despite the RBI increasing the CRR by 75 basis points as there is enough liquidity in the system.


On branch expansion, the bank has opened 112 branches across the country during the April-December period of this fiscal, taking the bank's total branch network to 1544. Plans are afoot to open 10 more branches by the end of March 2010.


Source: http://www.business-standard.com/india/news/andhra-bank-eyes-rs-1000-crore-net-profit/384916/