AB bullish on expansion

AB bullish on expansion

Andhra Bank plans to achieve Rs 1,30,000 crore business in the current financial year by expanding its branch network across the country, said the bank chairman and managing director, Mr R.S. Reddy.In the quarter ended on September 30, the bank has crossed Rs 1,10,460 crore business and posted a net profit of Rs 274 crore.“We have already ope-ned 125 new branches this year and will continue to focus on rapid expansion,” Mr Reddy told reporters after inaugurating the bank’s 79th branch in Hyderabad at Madhuranagar on Thursday.The chairman said the bank has brought all branches under the core banking service platform.“In Hyderabad, we have now 79 branches, 138 ATMs and 213 delivery channels. With the addition of new branches, our network has increased to 1,547 branches across the country. Of them, 1,015 branches are in Andhra Pradesh alone. We are aiming to expand in other states to garner business on par with AP,” he said.The bank’s Hyderabad (zone-1) has contributed a business of Rs 16,390 crore

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PALLAVI SINGH

PGDM-3rd SEM