2017-08-05 : Andhra Bank reports 30 per cent growth in net profit at Rs. 40 crore
Andhra Bank has reported a significant growth of 30 per cent in its net profit at Rs. 40 crore during the first quarter of FY18 as against Rs. 31 crore during the corresponding quarter of the previous fiscal year. Improvement in net interest income and reduction in gross non-performing assets has tampered the bank’s profit growth.
2017-07-13 :Andhra Bank plans to raise Rs. 1,000 crore via QIP
Public sector lender, Andhra Bank is looking for an opportunity to raise capital of Rs. 1,000 crore in a series of tranches via qualified institutional placements (QIPs). The newly raised funds will be deployed by the bank for expanding its banking activities by following an inorganic growth route.
2017-07-10 :Andhra Bank to sell sovereign gold bonds from July 10
Andhra Bank has announced to sell its sovereign gold bonds. The bank will open the gold bond scheme for public subscription at all its branches across the country. The proposed gold bond scheme will offer a 2.50 per cent tax free annual interest to the investors and the issue price of the gold bonds will be Rs. 50 per gram and the applications for the scheme will be accepted from July 10 to July 14, 2017.
2016-08-02 :Andhra Bank opens 24x7 facility
Andhra Bank plans to provide 24x7 banking facility in all its branches in phases. After the opening of Navshakti branch at its main branch, people do not have to wait in long queues to transact at fixed business hours as in conventional branches. Navshakti branches are a boon to customers as they can transact easily even at night after their regular office hours. In the next 2 to 3 months, bank is planning to open six more such branches in the zone.
2016-07-15 :Andhra Bank reduces MCLR by 0.05 percent
Andhra Bank will reduce its Marginal Cost Lending Rate (MCLR) by 0.05 percent or 5 basis points across maturities. This will reduce its one-year MCLR to 9.55 percent, from the current rate of 9.60 percent . Overnight MCLR will be reduced to 9.3 percent , while 6 month MCLR will be lowered to 9.4 percent. The new MCLR will be effective from July 15, 2016.
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