post news network, Bhubaneswar, May 19: The public sector Andhra Bank plans to open 75 new branches during this fiscal, an official release of the bank said.
“The bank is planning to open 75 new branches in the Bhubaneswar circle in this fiscal besides launching e-banking zones, ATMs and converting many existing branches into NextGen branches,” the release said, adding the bank had also opened a new circle office at Bhubaneswar, which would be headed by general manager PVSTR Seshagirirao.
It also said Seshagirirao would be the first circle head who would also monitor the branches in Bhubaneswar, Sambalpur, Berhampur, Kolkata and Patna.
On the performance of the bank in the new circle, Seshagirirao said the Circle had mobilised 1,11,655 accounts under the recently launched social security schemes.
“The circle has in its record priority sector advances to the tune of Rs 2,336.84cr. Out of this agriculture accounts for Rs551.57cr, micro and small enterprises Rs1485.50cr,” Seshagirirao said.
The bank is also planning to open another zonal office in Sambalpur, which will be the third zonal office after the ones in Bhubaneswar and in Berhampur, a source in the bank said.
Earlier the bank had reported a 110.3 per cent jump in net profit at Rs185.24cr for the quarter ended March 31 on the back of higher net interest margin (NIM) and lower provisioning, as compared to Rs88.08cr for the same period a year earlier.
The bank had reported a net profit of Rs638.44cr for the full year ending March 2015, an increase of 46.57 per cent as compared to Rs435.58cr in the previous financial year. The total income of the bank also grew by 12 per cent for the year at Rs17,868.45cr as compared to Rs15,630.16cr in the previous year.
