"On the basis of the bank's performance the government will provide the remaining Rs 122 crore", Andhra Bank Managing Director and CEO Satish Kumar Kalra told reporters.

"We have planned to raise about Rs 700 crore in the form of QIP. That is only to strengthen our balance sheet," he added.

On the focus for the current financial year, he said the bank would target the micro, small and medium enterprises and retail loan portfolio. "Overall, we are looking at a 15-16 per cent growth this year" he said.
    
For the first quarter ended June 30, 2015, Andhra Bank registered 89.2 percent jump in net profit at Rs 202.52 crore from Rs 107.00 crore registered during the same period of the previous year.
    
For the financial year ended March 31, 2015, the bank's net profit stood at Rs 638.44 crore.

 

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