Andhra Bank profits
Andhra Pradesh ~ India ~ International ~ City ~ Entertainment ~ Business ~ Sports ~ Technology ~ Health ~ Features
Districts ~ State Politics ~ District Officials ~ Tollywood ~ Telangana News Online ~ Praja Rajyam Online
Home / State News / 2009 / July 2009 / July 25, 2009
Andhra Bank registers 230 percent rise in net profit
RSS / Print / Comments

Andhra Bank

Andhra Bank registers 230 percent rise in net profit
Attempting Insurance through joint venture route

Andhra Bank Celebrations begins
43 day long programme meant to enlighten cross section of people

Top News

144 Section in Hyderabad ahead of Ayodhya verdict

All India Bar Examination mandatory for law graduates to practice in India

It's desirable that China frees Nobel Peace Prize winner Liu:Japanese PM

Craven's horror flicks 'were inspired by real stories'

RBI will intervene if inflows turn lumpy: Subbarao

Enforcement Directorate issues 'Look Out Circular' against Lalit Modi

Now, laser technology that destroys tumours using heat

Waist size, not BMI can foretell cardiovascular risk in children

Andhra Bank registers 230 percent rise in net profit

Attempting Insurance through joint venture route


The Andhra Bank registered a year on year increases of 230 percent in net profit at Rs.256 crore for the quarter ending June, 2009 compared with Rs.77.62 crore for the same period last financial year. The Bank said that it has reduced the prime lending rate to 12 percent from the existing 12.25 percent with effect from Saturday. While, the total business grew 26 percent for the first quarter at Rs.1,05,280 crore as against Rs.83,256 crore, total deposits surged to Rs.60,369 crore from Rs.49,175 crore during the same period.

The Chairman and Managing Director, RS Reddy said that the focus is not on percentage increase but actual business growth. The bank is working on several initiatives to maintain the momentum and increase loan disbursements which is currently growing at about 15 percent. The bank's total income increased by 37.64 percent from Rs.1,266 crore to Rs.1,743 crore whereas CASA deposits increased to 13.54 percent to touch Rs.18,526 crore. The operating profit for the quarter stood at Rs.348 crore and the gross NPAs as percentage to gross advances reduced to 0.80 percent from 1.15 percent last year.

The Bank said it would working out insurance products in a joint venture partnership in July 2010 and the banking subsidiary in Malaysia with Bank of Baroda and IOB is likely to be operational next year. The bank is looking at a business mix of Rs.1,30,000 crore by March, 2010.

Andhra News

Link to this page

Suggested pages for your additional reading
AndhraNews.net on Facebook






© 2000-2017 AndhraNews.net. All Rights Reserved and are of their respective owners.
Disclaimer, Terms of Service & Privacy Policy | Contact Us