Andhra Bank profits
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Andhra Bank registers 230 percent rise in net profit
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Andhra Bank

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

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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.

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