The bank has recently connected 87 branches of Hyderabad zone and 27 branches of Bangalore zone to the cluster centres under the same concept, extending any branch banking at the connected branches. The bank plans to provide instant funds transfer facility through 250 select branches.
Andhra Bank with a network of 1120 branches, 122 extension counters, 44 satellite branches and 247 ATMs, recently launched a Mass Contact campaign to add four lakh new customers in a span of three months.
Of the Rs 20,210 crore deposit base of the bank as on September 30, about 32 per cent forms the low cost deposits.
The per employee business of the bank increased to Rs 2.44 crore for the half-year ended September, as compared to that of Rs 2.21 crore in the same period last year.
The bank, which recorded a net profit of Rs 137 crore for the second quarter of the current fiscal with a 100 per cent jump, could increase return on assets to 2.08 per cent for the half year, as against 1.32 per cent at the end of same period last year.
Priority sector advances of the bank stood at Rs 4,817 crore, accounting for 43.71 per cent of the total advances as on September 30.
The bank has retained number one position in Andhra Pradesh in financing self help groups (SHGs).
