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| Andhra Bank looks at Rs 1.3 lakh cr business in FY10 |
| Press Trust Of India / Mumbai Jul 03, 2009, 00:16 IST |
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Public sector Andhra Bank is looking at a business of Rs 130,000 crore in this fiscal, a senior bank official has said.
“During FY’09, we crossed the Rs 100,000 crore mark. We are aiming for a business Rs Rs 130,000 crore by the end of FY’10,” Andhra Bank Executive Director Anil Girotra said here today.
The medium-sized bank planned to become a large lender by September 2010, he said.
“We became a medium-sized bank by attaining a business of Rs 100,000 crore. We are now aiming to become a large bank with a business of Rs 150,000 crore by September 2010,” Girotra said.
The bank was looking at a growth of over 25 per cent in its loan portfolio this fiscal, he said.
“Our total advances as at FY’09 were Rs 44,300 crore. We expect a growth rate of over 25 per cent in our advances this fiscal,” Girotra said. During the first quarter of this fiscal, the bank saw a growth in loans, he said.
“Our loans have grown by around Rs 800 crore in Q1 of this fiscal from the same period in the last fiscal, when there was no growth,” Girotra added.
The bank would aggressively expand its branch network by opening 121 branches in FY’10, he said. Out of these 121, it opened 10 branches today in various areas of Maharashtra like Ghansoli, Sanpada, Sea Woods, Panvel Ullhasnagar, Buti Bori and Bhiwandi. “We will open 121 branches in various parts of the country, taking our total to 1,566 this fiscal,” he said.
The bank would focus on areas like Punjab, Haryana and the north-east where it had a lesser presence, he said. The bank’s 52 per cent came from southern parts of the country, he said. The bank, he added, was well-capitalised and had no plan to raise money in the immediate term.
“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,” he said.
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