The Hindu Business Line : Andhra Bank targets Rs 46,000-cr business

ANDHRA Bank has targeted a total business of Rs 46,000 crore for the current financial year, a growth of nearly 27 per cent over the Rs 36,324-crore posted for the financial year ended March 31, 2004.

According to a bank release here on Thursday, the Chairman and Managing Director, Mr T.S. Narayanaswami, announced this while addressing the Business Plan Conference here.

The total targeted business for the current fiscal includes a deposit base of Rs 29,500 crore compared to Rs 22,940 crore during the last year, and advances of Rs 16,500 crore (Rs 13,384 crore). Of the total advances, 43 per cent would be for the priority sector, while agriculture sector lending would be around Rs 1,046 crore, the bank release said.

Andhra Bank proposes to take up retail finance as one of the focus areas during the current fiscal. The bank targets an incremental increase of over Rs 600 crore in the housing sector and over Rs 125 crore in the educational loan portfolio. The other retail segments would have an incremental growth of over Rs 700 crore, the bank said.

Mr Narayanasami informed the Business Plan Conference that one of the new products taken up by the bank for the current fiscal was advances against rent receivables. The bank expects to lend over Rs 250 crore under this portfolio, he said.