Andhra Bank eyes Rs 3600 cr business in Vizag

The Visakhapatnam zone of Andhra Bank is targeting to end the current financial year with a total business of Rs 3,600 crore.

The bank’s total business stood at Rs 2,700 crore by March 2009 and was Rs 3,200 crore by December. “We want to add another Rs 400 crore by the end of this fiscal,” said N Lakshmi Reddy, deputy general manager, Andhra Bank.

As on date, the zone has deposits worth Rs 2,100 crore while its advances were at Rs 1,110 crore.

“The bank is giving more thrust on retail lending as we want to increase the retail lending share to 40 per cent by the end of this fiscal,” he added. Andhra Bank has advanced Rs 360 crore — about 32 per cent of the total lending — to the retail sector.

This apart, it is looking at gold loans and has so far given Rs 70 crore advances on gold mortgage. “Another Rs 20 crore will be given in the coming three months,” he said.

Reddy launched the insurance policy of IndiaFirst Life Insurance Company, jointly promoted by Indian Bank, Bank of Baroda and Legal & General, in Vizag. “Currently we are selling the policy through the branches of Andhra Bank and Bank of Baroda. By March end, we are aiming for Rs 200 crore premium,” Kalyan Srinivas, group head, IndiaFirst Insurance Company, said.

The company plans to open 50 branches across India by the end of this fiscal, of which 4 will come up in the state.