Post News Network
Bhubaneswar, August 16: Public sector lender Andhra Bank plans to open 55 branches in the state during this fiscal as part of its branch expansion plan, a top official of the bank said. “We plan to open 55 branches in the state by the end of this fiscal. With these new branches, our branch strength in the state will increase to 210 against 155 as of now,” Deputy General Manager of Andhra Bank, Kishore Chandra Pradhan said.
On geographical distribution of these new branches, Pradhan said 75 per cent of these new branches will be opened in rural areas and the rest 25 per cent will be opened in semi-urban and urban areas. “We are planning to open 75 ATMs in the state. With the opening of these ATMs, total number will increase to 150 against current strength of 75 in the state,” Pradhan said adding that the bank plans to open 13 e-lobbies in the second quarter (July-September). Total number of e-lobbies will increase to 19 against the current 6.
On business of the bank during the first quarter, Pradhan said total business of the bank stood at Rs 8,967 crore comprising deposits of Rs 6,437 crore and advances of about Rs 2,530 crore. Business of the bank during last fiscal stood at Rs 9,504 crore comprising advances of Rs 2,362 crore and deposits of Rs 7,142 crore. “Big corporates have closed their accounts resulting in degrowth in total business,” he said.
On non-performing assets (NPA) of the bank, Pradhan said NPA of the bank in Bhubaneswar zone stood at Rs 244 crore. Out of this, Rs 215 crore of NPAs were from power sector with Rs 23 crore from MSME sector and rest are from retail segment. “We have three zones in the state with each looking at ten districts. In Bhubaneswar zone, we have settled 121 NPA accounts valued at Rs 58.69 lakh,” Pradhan said.