Andhra Bank’s business has grown by 17 per cent in the financial year ended March 31, 2013.“Our total business has touched Rs 2.24 lakh crore in 2012-13 compared with Rs 1.92 lakh crore in the previous year,’’ B.A. Prabhakar, Chairman and Managing Director, told Business Line .
Deposits and advances grew at 17 per cent and 18.4 per cent respectively while net interest margin was in the range of 3.25–3.3 per cent, he said.
Andhra Bank’s board will meet on May 2 to finalise Q4 and full-year numbers.
TARGET
For the current financial year, a 20 per cent growth in business has been targeted. “This will be driven chiefly by agriculture, small and medium enterprises and retail lending. If corporate demand picks up, we will also seize the opportunity there,’’ Prabhakar said.
There was untapped potential in agricultural lending, he said adding: “We are all hoping for a normal monsoon as agri portfolio can grow well further. There is still potential in agriculture which is not impacted by downturn.’’
The bank plans to open 200 new branches this year. Last year, it opened 160 branches. It will recruit 2,400 officers and clerks this year. Andhra Bank would also raise fresh capital this year and the modalities were being worked out, Prabhakar said while declining to mention the quantum of funds to be raised.
Though there is still some ‘stress’ on the asset quality, there is no major concern on the non-performing assets, he said.
HR FOCUS
To ramp up employee productivity, a human resources transformation initiative has been launched. “Detailed manpower mapping, succession plan and robust performance measurements are being done,’’ the CMD said.
On the up-coming policy review by the Reserve Bank of India, Prabhakar said a 25 basis points cut in key rates is likely as inflation has dropped to below six per cent.