The Hindu Business Line : Andhra Bank eyes Rs 56,000-cr biz

ANDHRA Bank has set its eyes on achieving a business volume of Rs 56,000 crore for the current fiscal ending March 2006 with an increased focus on non-interest income.

In a press release, the bank said its Business Plan Conference has resolved to attain a business of Rs 56,035 crore from a level of Rs 45,461 crore achieved during the fiscal ended March 2005, representing a growth of 23.26 per cent.

The bank has projected total deposits of Rs 33,300 crore, a growth of 20.87 per cent, and advances of Rs 22,735 crore, clocking in an increase of 26.94 per cent over the previous fiscal. As a result, the credit-deposit ratio was expected to reach 68.27 per cent (65.18 per cent).

The bank proposes to increasingly focus on enlarging its clientele base and low-cost deposits to a level of Rs 12,945 crore, which amounts to 38.87 per cent of projected total depositsThe bank expects its retail lending portfolio to surpass Rs 6,500 crore from the level of Rs 3,597 crore. Agricultural credit would increase by 43.69 per cent to a level of Rs 4,200 crore, amounting to 18.47 per cent of net bank credit, surpassing the RBI norm of 18 per cent. Andhra Bank expects its non-interest income to increase by 41 per cent to Rs 406 crore from the previous fiscal level of Rs 288 crore. The bank has resolved to contain its gross non-performing assets (NPAs) at Rs 326.5 crore by March 2006 from the existing level of Rs 440.93 crore.

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