Andhra Bank Q2 FY10 net profit up by 70% to Rs.274 Crore

Sectoral Exposure of Credit:

Finance to Agricultural Sector has gone up by Rs. 1544 Crs. Over Sep08 and stood at Rs. 7482 Crs as on Sep09.

Retail credit registered robust growth of 34.73% over previous year and reached Rs. 7149 Crs as at the end of September-09 Lending to MSME sector has gone up by 52.19% and reached Rs. 6835 Crs.

All other advances including Corporate credit moved up to Rs. 25645 Cr from Rs. 19800 Cr, year on year.

Our financial assistance to students under educational loan scheme has gone up from Rs. 1347 Crs as on 30th Setp-08 to Rs.1606 Crs as on 30th Sep 09.

TECHNOLOGY INITIATIVES:

All Branches of the Bank are under CBS.

Online Tax payment (eTax) was launched along with Internet Banking (Retail as well as Corporate).

SMS Alerts are made available over Mobile Phones for certain type of transactions and account balances are made available to clientele registered for this facility. As on 30th September 2009, 7.53 Lakh customers got registered for this facility.

Bank is also providing its customers ability to request for account information through SMS-pull facility. Customer can seek balance enquiry, mini-statement, cheque status, etc through this facility.

Customers are offered facility to subscribe to Initial Public Offers of corporate using Applications Supported by Blocked Amount scheme.

Banks Internet Banking Customers can participate in Online Trading via M/s Religare.

A web based fast forex remittance facility (AB Speedway) is launched for the benefit of NRIs of U.S.A

Number of ATMs of the Bank increased to 798 as on 30-09-2009. Besides Banks owned ATMs, the ATM/ Debit Cards issued by Bank are accepted on NFS Network, VISA Network and under bilateral arrangements numbering in all 45000 ATMs

Number of ATM/Debit Cards issued by the bank increased from 35.4 Lakhs as on 31-03-2009 to 45.52 Lakhs as on 30-09-2009. For remote branch connectivity for CBS, Bank has deployed 251 VSATs.

National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) are also integrated with new CBS solution. Bank is participating in Speed Clearingâ€ at Mumbai, Chennai and Hyderabad.

EXPANSION INITIATIVES:

Number of Business Delivery Channels increased from 2175 (30.9.08) to 2421 (30.09.09).

Number of branches increased from 1388 (30.09.08) to 1536 (30.09.09) covering 22 states and 2 Union Territories.

Bank has opened 104 Branches during the financial year making the total number of branches to 1536

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(This is a press release from Andhra Bank)