Andhra Pradesh - Guntur   

Andhra Bank to focus on retail credit lending

GUNTUR: The Guntur Zone of Andhra Bank has registered 100 Credit Deposit Ratio in the first half year and is aiming at a turnover of Rs.4,500 crores by March 31 next.

Announcing the Second Quarter performance results of the bank in the zone, Deputy General Manager M. Somanadham said that the bank achieved a growth of 18 per cent.

At the national level, the bank registered a business growth of 27 per cent and 70 per cent increase in net profit.

At a press conference here on Thursday, the DGM emphasised on the bank’s vision to improve retail credit lending in the next half of the current fiscal. With the agriculture season coming to a close and the rabi yet to begin, the bank shifted focus to the MSME sector (medium enterprise) lending to achieve a target of Rs.600 crores, with Rs.480 crores already disbursed.

Expansion of banking operation would be done with the opening of two new Automated Teller Machines, one each in Guntur city and at Gurazala, as the number of debit cards was increasing with the total of newly issued ones coming to 45,000 now.

As part of its business expansion plans, it would observe CASA (Current Account and Savings Account) opening month from November 1 to 30, with special drive taken up in all the 161 branches in the district.

Priority sector lending so far in the district was Rs.1,395 crores.

Out of that Rs.782.72 crores was in agriculture sector alone, he noted. The net profit of the bank countrywide was put at Rs.274 crores compared to Rs.162 crores in the last fiscal.

The operating profit rose by 63 per cent for a business of Rs.1,10,460 crores. The gross advances stood at Rs.48,182 crores.

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