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Monday, November 24, 2014

Andhra Bank Coimbatore zone targets Rs. 5,000 cr business this fiscal

Coimbatore zone of Andhra Bank is targeting a business level of Rs. 5,000 crore this fiscal.

As at end September, this zone achieved a business of Rs. 3,677 crore with deposits at Rs. 823 crore and advances at Rs. 2,854 crore.

This zone was formed out of the Chennai zone in May this year.

It now encompasses 23 districts, with 42 branches and 33 ATMs.

Briefing presspersons on the occasion of the bank's completion of 91 years, the zone's Assistant General Manager J Vamanaraman said 30 new branches have been planned for the zone before the close of the current fiscal to take the branch network to 72. Of these, 8 would be opened by end-December.

“The number of corporate advances is comparatively high here. It stands at Rs. 1,750 crore. Our focus would now be on MSMEs as we see huge potential in this space. Incidentally, Coimbatore branch tops in export finance,” he said.

To a query on NPAs, he said “Rs 331 crore out of the total advances of Rs. 2,854 crore have been classified as NPA. About 10 accounts have been restructured.

Source : Thehindubusinessline


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