Andhra Bank net rises 67% to Rs 203 crore

New Delhi: Andhra Bank has registered a net profit of Rs 202.27 crore for the last financial year, which is 67 per cent higher than the Rs 121.19 crore net profit achieved in 2000-01. It has declared a dividend of 14 per cent.

Andhra Bank chairman and managing director B Vasanthan says the bank is planning to merge its housing finance subsidiary, Andhra Bank Housing Finance, with itself. the Bank has got an in-principle approval from the Reserve Bank of India for merging the subsidiaries. Andhra Bank will now have to seek approval from its shareholders. It has a majority shareholding of 59 per cent in the housing finance subsidiary, while the remaining is held jointly by the National Housing Bank, ICICI, IFCI and UTI.

Andhra Bank is set to achieve a total business of Rs 32,500 crore in 2002-03, which includes deposits of Rs 20,000 crore and advances of Rs 12,500 crore. It is also planning to increase its existing clientele so that the bank would have around 12 million customers.

The bank is looking at adding an additional 200 ATMs this financial year and will concentrate on expanding the retail credit through personal banking centres with special emphasis on housing finance and educational loans.