Andhra Bank eyes Rs 3400cr biz in Vizag

The Visakhapatnam zone of Andhra Bank is targeting Rs 3,400 crore business during the current financial year.

The zone, comprising Visakhapatnam and Vizianagaram districts with 60 branches, earned a net profit of Rs 16.79 crore during the first quarter ending June 30.

“Our total business by the end of June 2009 stood at Rs 2,849 crore. This fiscal we are aiming to increase it to Rs 3,400 crore (deposits Rs 2,250 crore and advanced Rs 1,150 crore),” N Lakshmi Reddy, deputy general manager, Andhra Bank, Vizag Zone, told mediapersons here on Wednesday.

Among others, the bank plans to open 20 branches in the two districts, of which 10 will start during this fiscal. This apart, 10 more ATMs would come up in the zone.

As on today, the zone’s deposits stood at Rs 1,903 crore of which low-cost and no-cost deposits accounted for 38 per cent. The bank is aiming to increase it to 40-41 per cent by the end of this fiscal.

Besides, during the current year it is targeting to add 100,000 customers. In the first quarter, the bank added 25,000 new customers and currently has 736,000 customers in the zone.