Andhra Bank has seen the country's largest insurer, LIC increasing its stake in the bank by 0.018 percent on June 21 through open market deals. LIC had bought over 1,01,000 shares stake in Andhra Bank through stock market purchase taking its total holding of 5,59,97,829 shares or 10.007111% in the bank.
Recently, in a bid to expand its branches in northern India and increase its visibility pan-India, Andhra Bank had set a target to double its branches from existing 24 to 48 in this year. The bank was also planning to increase its business to Rs 2,500 crore from existing Rs 1,225 crore.
Andhra Bank has reported net profit surge of 30.18% at Rs 312.78 crore for the quarter ended March 31, 2011 as compared to Rs 240.26 crore for the quarter ended March 31, 2010. Its total income has increased by 34.67% at Rs 2662.47 crore for the quarter under review from Rs 1977.05 crore in the corresponding previous quarter.
| Company Name | CMP |
|---|---|
| SBI | 1080.35 |
| PNB | 114.50 |
| Canara Bank | 142.35 |
| Bank Of Baroda | 280.00 |
| Union Bank Of India | 188.90 |
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