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Andhra Bank soars on unveiling new loan for practicing professionals

Andhra Bank - (Amalgamated) | Bank - Public | BFSI | BSE: 532418 | NSE: ANDHRABANK

02 Feb 2012 Evaluate

Andhra Bank is currently trading at Rs. 105.05, up by 3.10 points or 3.04% from its previous closing of Rs. 101.95 on the BSE.

The scrip opened at Rs. 103.00 and has touched a high and low of Rs. 105.55 and Rs. 102.50 respectively. So far 96735 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 159.00 on 06-Apr-2011 and a 52 week low of Rs. 79.00 on 29-Dec-2011.

Last one week high and low of the scrip stood at Rs. 105.70 and Rs. 94.70 respectively. The current market cap of the company is Rs. 5847.61 crore.

The promoters holding in the company stood at 58.00% while Institutions and Non-Institutions held 28.45% and 13.54% respectively.

Andhra Bank, the 88-year-old public sector bank has introduced a new loan for practicing professionals, called AB Professional Loan as the service sector is growing at faster pace and many professionals are in need of capital.

Under AB professional loan, professionals including chartered accountants, engineers, advocates and management consultants can apply for collateral-free loans. This product is an improvement on existing product for medical professionals.

The maximum amount of loan will be Rs 10 lakh with 14% interest per annum. The loan can be availed for establishing offices, buying furniture, purchase of tools, equipment and books. Under this product, bank aims for Rs 150 crore business before end of March 2012.

Recently, Andhra Bank has inaugurated its 1700th branch at Nanakramguda financial district. The bank has also set up an e-banking centre at the Vidyanagar branch in the state Capital. The branch and e-banking centre was formally inaugurated by R Ramachandran, chairman and managing director, Andhra Bank on December 31, 2011.

Andhra Bank-Amalgama Share Price

15.55 0.00 (0.00%)

19-Mar-2020 18:01 View Price Chart

Peers

Company Name	CMP
SBI	1080.35
PNB	114.50
Canara Bank	142.35
Bank Of Baroda	280.00
Union Bank Of India	188.90
View more..

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Andhra Bank soars on unveiling new loan for practicing professionals

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