Financial Daily from THE HINDU group of publications
Thursday, Mar 10, 2005
Financial Daily from THE HINDU group of publications Thursday, Mar 10, 2005 |
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Money & Banking
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Public Sector Banks Andhra Bank aims for steady growth Our Bureau
Visakhapatnam , March 9 ANDHRA Bank is aiming at steady growth and is seeking to increase its branch network outside Andhra Pradesh too to emerge a major player in the banking sector, said Mr T.S. Narayanasami, Chairman and Managing Director of the bank At a press meet here on Wednesday, he said the bank wanted to consolidate its gains over the past few years before embarking on any ambitious plans. "We are a strong bank. Our financials are sound. We have reduced our net NPAs to 0.11 per cent (Rs 16.44 crore) as on December 31, 2004. It is the lowest in the sector. We have obtained permission from the RBI to open 35-40 branches and half of them have already been set up. We are increasing our branch network outside the State too," he said. He said the capital adequacy of the bank stood at 13.02 per cent and the bank was not planning any public issue in the near future. "We went public a few years ago with an at-par issue. In view of the boom in the stock market, many other banks are going public now. But we do not feel the necessity for it at this juncture," he said. He said the bank was not concentrating on housing loans unlike other banks. "We do not want to compete with other banks in that segment. It is already overcrowded. We are tapping the other retail segments such as educational loans. We have lent Rs 494 crore to students apart from Rs 300 crore to educational institutions," he said. He said the bank had introduced special products such as AB Jeevan Prakash Plus for the benefit of senior citizens (60-65 age group) and "the response to it has been very encouraging."
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