Friday, May 7, 2010

Jamnagar Bhavnagar Gandhidham News - Andhra Bank will Open Shortly

Andhra Bank to open 10 branches in Mumbai zone this fiscal Eyeing a healthy growth in its business from the Mumbai zone, Andhra Bank is planning to open 10 new branches during the current fiscal, a senior bank official said.

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

The five new branches would be opened in Gandhidham City, Bhavnagar City, Jamnagar City, Jalgaon and Sangli.

The bank opened 125 branches across the country including 22 in the Mumbai zone during FY 10.

In the current fiscal (FY 11), Andhra Bank is targeting an overall business growth of 25% from the Mumbai Zone, Prasad said.

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

During the last fiscal (FY 10), the bank's business grew 29.26% at Rs1, 34,194 crore as compared to Rs1, 03,818 crore in FY 09.

Net NPAs of the bank in FY 10 stood at 0.17% while gross NPA was capped at 0.86%.

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