Targeting a healthy increase in its business from the Mumbai zone, Andhra Bank is intending to open 10 new branches in the present fiscal, a top bank official said.
M Anjaneya Prasad, Andhra Bank’s general manager (Mumbai Zone) said, “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”.
The 5 new branches would be started in Gandhidham, Bhavnagar, Jamnagar, Jalgaon and Sangli.
The bank started 125 branches throughout the country including 22 in the Mumbai zone in FY 10.
In the present fiscal (FY 11), Andhra Bank is aiming for a total business increase of 25% from the Mumbai Zone, Prasad said.
Andhra Bank posted an increase of 60.15% total in its net profit at Rs1,046 crore in FY 10 as against Rs653 crore in FY 09.
In the previous fiscal (FY 10), the bank’s business increased by 29.26% at Rs1,34,194 crore as against Rs1,03,818 crore in FY 09.
Net NPAs of the bank in FY 10 were 0.17% while gross NPA was limited to 0.86%.