Bank to open retail loaning branch

[sajiv]

Bank to open retail loaning branch

GUNTUR: The Andhra Bank will open a specialised retail loaning branch in the city with concentration on home loans, education loans and consumer loans, according to bank Deputy General Manager M. Somanatham.

At a press conference here on Tuesday, Mr. Somanadham announced that the new branch would be opened at Lodge Centre and through that improve lending under home loan segment from Rs.20 crores for current fiscal to Rs.75 crores by March next. The bank Guntur zone also proposes to increase its total business to Rs.5,000 crores by March, 2010 from last year's Rs. 4,000 crores.

The agriculture lending was Rs.638 crores, Rs.450 crores of retail lending and Rs. 425 crores of medium and small enterprise category. The deposits for last year was Rs. 2,200 crores and the Prakasam district was bifurcated as a zone with effect from May 1. The bank launched a new product Recurring Deposit Plus which allows people to deposit any small amount initially and later deposit in multiples of 100 up to 10 times every month to get a term deposit interest rate on that without any TDS.
79 branches

Andhra Bank with 79 branches in Guntur district, four extension counters and 19 ATMs was making all-out efforts to reach all sections of people to meet their demands in all ways with a slogan 'Enter for all your needs' with a dual meaning of providing technological edge through computerisation (which is denoted by The Word Enter - a key on the keyboard). Under Core Banking Solutions, it was providing mobile alerts and giving debit cards to all new account holders.

Referring to the recent first quarter financial results announced by the bank, he said that net profit had jumped to Rs.256 crores with a robust growth of 230 per cent. Total business went up to Rs.1,05,280 crores, up by 26 per cent.