Wednesday, May 5, 2010

Andhra Bank to open 10 branches in Mumbai, already received license for 5 branches

Andhra Bank is doing good business in Mumbai zone. Looking at the growth bank has decided to open 10 new branches in Mumbai during the current fiscal, a senior bank official told.

"Presently, we have 86 branches in the Mumbai zone. We now plan to open 10 new branches here and we have already received licences for five branches," Andhra Bank's general manager (Mumbai Zone), M Anjaneya Prasad, told PTI here.

The five new branches for which bank has obtained license will be opened in Gandhidham, Bhavnagar, Jamnagar, Jalgaon and Sangli.

During FY 10 the bank had opened 125 branches across the country including 22 in the Mumbai zone.

Prasad said, in the current fiscal (FY 11), Andhra Bank has set a target of achieving an overall business growth of 25% from the Mumbai Zone.

In FY 10 Andhra Bank achieved a growth of 60.15% overall in its net profit at Rs1,046 crore as against to Rs653 crore in FY 09.

In the last fiscal (FY 10), bank business reported a 29.26% at Rs1,34,194 crore growth as compared to Rs1,03,818 crore in FY 09

However in FY 10 bank net NPAs stood at 0.17% while gross NPA was capped at 0.86%.

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