The earnings of the State-owned Andhra Bank (AB) Vijayawada Zone for the year 2013-14 stood at Rs. 8,156 crore.

The bank has set a target of achieving a total business of Rs. 10,000 crore for the current fiscal.

Of this, the target for deposits has been fixed at Rs. 5,500 crore and Rs. 4500 crore for disbursement of loans according to Deputy General Manager G. Ravi Kumar.

New branches

Addressing a press conference here on Wednesday, he said, “The bank has plans to open 10 new branches and 25 ATMs in the current fiscal. This apart, we will be modernising 10 more branches under Navashakti project.”

Increasing credit to MSME sector, focus on housing and educational loans and popularising e-products --debit cards, mobile banking, internet banking RTGS, NEFT, ECS etc were among other plans of the bank.

Referring to achievements during last fiscal, Mr. Kumar said 15.12 per cent growth was recorded in 2013-14 as against the previous year.

The deposits stood at Rs. 4,304 crore compared to Rs. 3,809 crore at end of corresponding period, registering a growth of 12.99 percent.

The advances recorded a growth of 17.59 percent to reach Rs. 3,852 crore on March 31, 2014 as against Rs. 3,276 crore in the year ago period, he said.

The bank opened 10 branches and added 33 ATMs to the network scaling the total number of branches to 102 and ATMs to 85.

AB Assistant General Managers P. Jeevan Prakash and N.S.N. Reddy and others were also present on the occasion.

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