Andhra Bank to add 70 branches this year

Andhra Bank will add 70 new branches during the 2006-07 financial year across the country. This apart, the bank plans to set up about 130 ATMs across the country. It currently has 400 ATMs.

"We opened 30 new branches in the financial year ended March 31, 2006, taking our total branch network to 1,230. We are planning to set up 70 more branches in 2006-07, most of which will be located in Andhra Pradesh and Orissa," Andhra Bank chairman K Ramakrishnan told mediapersons here on Sunday.

The bank has computerised all its branches and has been providing anywhere banking facility through about 850 branches, he said. "As of March 2006, the bank's total business touched Rs 56,000 crore. Its deposits grew 23.5 per cent and advances increased about 25 per cent in 2005-06," he said.

Ramakrishnan said in the current year, the bank was focusing on low-cost deposits. It was eyeing a growth of between 22 per cent and 25 per cent in deposits this year too. The bank was able to bring down it gross non-performing assets to 1.78 per cent (involving an amount of Rs 390 crore) by the end of March 2006, from 2.48 per cent (involving an amount of Rs 448 crore) by the end of March 2005, he said.

"Apart from making proper use of the Securitaisation Act, we are going in for quality lending following which we are able to reduce the NPAs year-on-year," he added.

Ramakrishnan inaugurated the Sunday banking facility (7 days a week) at Akkayyapalem branch in Visakhapatnam.