2017-09-28 :Andhra Bank cuts base rate to 9.55 per cent
Public sector lender, Andhra Bank has announced a rate cut in its base rate by 0.15 per cent to 9.55 per cent. The base rate of the bank has been revised from existing 9.70 per cent to 9.55 per cent. However, the bank has kept its benchmark prime lending rate (BPLR) unchanged at 13.95 per cent. The revised base rates are effective from October 1, 2017.
2017-09-12 :Andhra Bank revises MCLR rates
Andhra Bank has reduced its marginal cost based lending rate (MCLR) across all tenors. For overnight and one month maturities, the rate has been revised to 8.10 per cent and 8.15 per cent, while for three month and six month maturities the rate has been reduced to 8.20 per cent and 8.30 per cent respectively.
2017-09-12 :Andhra Bank cuts interest rate on savings account to 3.5 per cent
Public sector lender, Andhra Bank has lowered interest rate on its savings bank account to 3.5 per cent in line with market competition. Now, deposits of up to Rs. 50 lakh will attract a 3.5 per cent interest rate from 4 per cent charged earlier. The revised rates will be effective from September 15th September, 2017.
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.
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