Andhra Bank files growth of 70%, net profit of Rs 274 crore in Q2
Andhra Bank files growth of 70%, net profit of Rs 274 crore in Q2 – Andhra bank, the public sector bank files growth of 70%, net profit of Rs 274 crore in the quarter ended on September 30,2009. The profit reached 70% gain throughout Rs 162 crore filed in the corresponding period last year.
As per the deputy GM at Andhra bank, the entire business of the bank improvised up by 27% to Rs 1,10,460 crore and the net operating profit to Rs 453 crore, up by approx. 63%. In addition, the credit deposit ratio improvised by 77.70% and total deposits developed growth rate up by 23% to Rs 62,279 crore.
The gross advances register profit by 32% and reached Rs 48,182 crore. According to reports, “The total income rose by 23% and total expenditure has been comprised at 14%. The total number of branches has reached number of 1,536 and during the half year, the bank also opened more 104 branches.
As per Andhra bank spokesperson, “Along with internet banking, all branches of the Andhra bank were under Online Tax payment (e-tax) and CBS (Core banking system). The main objective of Andhra bank is to achieve business of Rs 1, 30,000 crore by the end of month March 2010 at net growth rate of 30% and business of Rs 1,50,000 crore by the end of month September 2010.
The bank is directing to accomplish CASA percentage of 33% of total deposits by the end of month March 2010. According to Panicker, “The savings account (CASA) and current account deposits endured at 32.34 % of total deposits and bank will be rolling out the insurance products of its own Joint Venture for sale by July 2010.
Besides this, Andhra bank has more plans to begin banking subsidiary in Malaysia, together with Bank of Baroda and Indian overseas bank, awaited to be function next year. In the state, with a business of Rs 600 crore, the bank was marking a business of Rs 750 crore by the end of March 2010.
Panicker also added, “The Bangalore arena, comprising Kerala and Karnataka, was intended to equal business level of Rs 75,000 and Rs 6,500 crore clientele by the end of March 2010.
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