Andhra Bank
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BSE Code:
532418
NSE Code:
ANDHRABANK
Business Profile
Business Profile
Andhra Bank (ANDHRABANK), founded by Bhogaraju Pattabhi Sitaramayya in 1923, is now an institution in the public sector rendering services through 1981 business delivery channels spread over 21 states and 2 union territories with a clientele base over 15 million.
The bank has 1,303 branches, 99 extension counters, 541 ATMs and 38 satellite offices spread over 21 states and two union territories as at the end of June 2007, all computerized and several networked under cluster banking solution, providing any branch banking and internet banking facility. Real time gross settlement facility and national electronic fund transfer facility has been introduced in 650 branches. ATM sharing arrangements have been made with SBI, ICICI Bank, IDBI Bank, UTI Bank, SBI, HDFC Bank, Indian Bank, Corporation Bank and 17 other banks to provide 17,000 ATMs throughout the country. Rail ticket booking facility is available to debit card holders.
The bank bagged the Best Bank award, a banking technology awarded by IDRBT, Hyderabad for extensive use of IT in semi urban and rural areas in 2006. Kingfisher Airlines and the bank launched a special facility Quik Ticket to book Kingfisher Airlines tickets through any of Andhra Bank ATMs. The bank launched two bio metric mobile ATMs in May 2007 for promoting financial inclusion. The Bank opened its representative office in Dubai in May 2006. It already has RBI permission to open them in New Jersey (USA), Kuwait and Riyadh and plans to open them in Doha, Muscat, Riyadh and Kuwait. The bank has launched smart card under financial inclusion. It has a subsidiary in Andhra Bank Financial Services.
The registered office is at Dr. Pattabhi Bhavan, 5-9-11, Saifabad, Hyderabad-500004, Andhra Pradesh.
Financials
Andhra Bank registered a 6.82% growth in net profits to Rs 1615.31 million for the quarter ended in September 2008 from a profit of Rs 1512.13 million for the quarter ended in September 2007Interest earned quarter rose 27.03% to Rs 13281.33 million for the quarter ended September 2008 from Rs 10455.04 million for the quarter ended September 2007.Total income rose 23.67% to Rs 14635.38 million for the quarter ended September 2008, from Rs 11834.12 million for the quarter ended September 2007.The earnings per share (EPS) of the company stood at quarter Rs 3.33 in the quarter ended September 2008 .
Recent Developments
25-OCT-08
ICRA has signed a Memorandum of Understanding (MoU) with the company
Future Plans
Andhra Bank will enter into the life insurance business in 2007-2008. The bank will hold a minimum of 26% stake in the joint venture company and has identified Bank of Baroda as one of the potential partners for the venture.
The bank plans to open representative offices in Saudi Arabia, Oman, Kuwait and Qatar by the end of 2007-2008. It plans to open offices in New Jersey. At present, the bank has one foreign office in Dubai, and is planning a new office in Malaysia in alliance with the Bank of Baroda and Punjab National Bank.
The bank is looking at opening 85 new branches and 200 ATMs in 2007.
With the headroom of around Rs 30 billion, the bank plans to raise Rs 4 billion in the tier II category by December 2007.