Andhra Bank opens 5.27 lakh savings accounts pan India

Andhra Bank, a public sector lender, has opened 5.27 lakh basic savings bank deposit accounts across the country. This initiative is part of the National Mission on Financial Inclusion - Pradhan Mantri Jan Dhan Yojana (PMJDY).

The bank conducted camps/programmes at district and village levels camps. All its 2,147 branches have organized camps. Kits containing passbook, Ru-Pay card and Financial Literacy Material were also handed over account holders.

The bank’s net profit for first quarter ended June 30, 2014 declined by 53.74% at Rs 107.00 crore as compared to Rs 231.28 crore for the quarter ended June 30, 2013. However, the bank’s total income has increased by 9.14% to Rs 4205.06 crore for the quarter under review from Rs 3854.16 crore for the corresponding quarter of the previous year.

The bank’s gross NPA for the April-June quarter of the current fiscal stood at 5.98%, as compared to 4.73% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 3.89% in Q1FY15.