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| Andhra Bank eyes Rs 1,30,000-cr business by end-FY 10 |
| Press Trust of India / Mumbai Jul 02, 2009, 16:55 IST |
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Public sector lender, Andhra Bank, is eyeing a total business of Rs 1.3 lakh-crore during this fiscal, a senior bank official said.
"During FY 09, we crossed the Rs 1-lakh-crore mark. We are aiming for a business of Rs 1.3-lakh-crore by end FY 10," Andhra Bank's Executive Director, Anil Girotra, said today.
The bank, presently a medium-sized one, plans to attain a large size by September-2010, he added.
"We became a medium-sized bank by attaining a business of Rs 1-lakh-crore. We are now targeting to become a large-sized bank with a business of Rs 1.5-lakh-crore by September 2010," Girotra said.
The bank is also looking at a growth of over 25 percent in its loan portfolio this fiscal, he added.
"Our total advances as at FY 09 was Rs 44,300-crore. We expect a growth of over 25 per cent in our advances this fiscal," Girotra said.
During the first quarter of this fiscal, the company has also seen a growth in its loans, he said.
"Our loans have grown by around Rs 800-crore in Q1 of this fiscal as against the same period during the last fiscal when there was no growth," Girotra added.
Andhra Bank will aggressively expand its branch network by opening 121 branches pan-India in FY 10, he said.
Out the 121 branches, it opened 10 branches today in Maharashtra in areas like Ghansoli, Sanpada, Sea Woods, Panvel Ullhasnagar, Buti Bori and Bhiwandi, amongst others.
"We will be opening 121 branches in various parts of the country taking our total number of branches to 1,566 this fiscal," he added.
The bank would focus on areas where it has a lesser presence like Punjab, Haryana and the north-east to open new branches.
Out of the total business of the bank, 52 per cent comes from the southern part of the country from states like Andhra Pradesh, Tamil Nadu, Karnataka and Kerala while the rest is contributed by the other states, Girotra said.
The bank was well-capitalised and has no plans for raising money in the immediate-term, he added.
"We have no problem on the capital front as we raised Rs 520-crore last month to take care of the increase in our business and so have no plans to raise money," he said.
The bank's capital adequacy ratio as on March 31, 2009, was 13.22 per cent as against the 9 per cent required by the Reserve Bank of India.
The bank would take a decision on its interest rates after taking into account prevailing market conditions, Girotra said.
"We have not taken any decision on rate cuts as we reduced our BPLR to 12.25 per cent in April. We will decide on a further cut depending upon how the market moves," he added.
The bank's current non-performing asset (NPA) level was 0.89 per cent and net NPA at 0.18 per cent, he said.
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