Andhra Bank eyes Rs 1,30,000-cr biz by end-FY 10

Public sector lender Andhra Bank is eyeing a total business of Rs 1.3 lakh-crore during this fiscal, a senior bank official said.

“During FY’09, we crossed the Rs 1-lakh-crore mark. We are aiming for a business of Rs 1.3-lakh-crore by the end of FY’10,” Andhra Bank Executive Director Anil Girotra said in Mumbai.

At present, the bank, a medium-sized one, plans to become a large size lender by September 2010, he said.

“We became a medium-sized bank by attaining a business of Rs 1-lakh-crore. We are now targeting to become a large-sized bank with a business of Rs 1.5-lakh-crore by September 2010,” Girotra said.

The bank is also looking at a growth rate of over 25 per cent in its loan portfolio this fiscal, he said.

“Our total advances as at FY’09 was Rs 44,300-crore. We expect a growth rate of over 25 per cent in our advances this fiscal,” Girotra said.

During the first quarter of this fiscal, the company has also seen a growth in its loans, he said.

“Our loans have grown by around Rs 800-crore in Q1 of this fiscal as against the same period during the last fiscal when there was no growth,” Girotra added.