Andhra Bank Kakinada zone net up 41%

The Kakinada zone of Andhra Bank registered 40.64 per cent growth in net profit for the quarter ended June 30, 2007, at Rs 26.23 crore, compared with Rs 18.65 crore in the corresponding quarter last fiscal.

The zone surpassed the deposit target of Rs 1,392 crore by achieving Rs 1,436 crore while advances stood at Rs 1,418 crore, as against the target of Rs 1,395 crore.

Deposits were up 19.17 per cent in the first quarter from Rs 1,205 in the corresponding quarter last year and advances grew 22.13 per cent from Rs 1,161 crore during the same period last year.

Total business of the zone crossed Rs 2,854 crore compared with Rs 2,366 crore as on June 30, 2006.

The credit deposit ratio (CDR) stood at 98.75 per cent as against 96.38 per cent as on July 30, 2007. NPAs were down to Rs 5.09 crore from Rs 13.26 crore in the corresponding first quarter last year. Fee-based income during the quarter increased to Rs 1.07 crore from Rs 14 lakh in last year's first quarter.

"We are trying to make this the number one zone in Andhra. We have already occupied the second position among all the 16 zones. The Kakinada zone stood first in the country in the bank linkage of self-help groups (SHGs). The zone lent Rs 114 crore to 21,544 SHGs in East Godavari district. It stood first in the county under the bank assurance mobilising 33,500 policies,'' Andhra Bank Kakinada zonal manager Y Prasad said.

Gross NPAs of the zone declined to Rs 5.83 crore as on March 31, 2007, from Rs 14 crore last year, which is perhaps the lowest among all the zones of Andhra Bank, he said.