Andhra Bank
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| Public | |
| Traded as | : ANDHRABANK : |
| Industry | Finance |
| Founded | 20 November 1923 |
| Founder | Bhogaraju Pattabhi Sitaramayya |
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Key people
|
Suresh N Patel (MD & CEO) |
| Products | Consumer banking, Credit cards, corporate banking, finance and insurance, private banking, wealth management, Agricultural Loans |
| Revenue | ₹178.68 billion (US$2.7 billion) for the fiscal year ended 31 March 2015 |
| ₹32.98 billion (US$490 million) for the fiscal year ended 31 March 2015 | |
| ₹6.38 billion (US$95 million) for the fiscal year ended 31 March 2015 | |
| Total assets |
 ₹1,295.76 billion (US$19 billion) (2015)
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Number of employees
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29,598 (2013) |
| Website | www |
Andhra Bank (: ) (Telugu: ఆంధ్రా బ్యాంక్) is a medium-sized public sector bank (PSB) of India, with a network of 2803 branches, 4 extension counters, 38 satellite offices and 3636 automated teller machines (ATMs) as of 31 Mar 2016. During 2011–12, the bank entered the states of Tripura and Himachal Pradesh. The bank now operates in 25 states and three Union Territories. Andhra Bank has its headquarters in Hyderabad, India.
The Government of India owns 63.97% of its share capital as on 31 Dec 2015. The state owned Life Insurance Corporation of India holds 7.66% of the shares. The bank has done a total business of ₹3,106 billion (US$46 billion) and has earned a net profit of ₹5.40 billion (US$80 million) for the Financial Year 2015-16.
Andhra Bank is a pioneer in introducing Credit Cards in the country in 1981.
Andhra Bank has ranked No.1 in terms of number of Life Insurance Policies mobilised amongst all the agency banks dealing with the Life Insurance Corporation of India. The bank also has tie-up with United India Insurance Company Limited under Bancassurance (Non-Life).
Dr. Bhogaraju Pattabhi Sitaramayya founded Andhra Bank in 1923 in Machilipatnam, Andhra Pradesh. The bank was registered on 20 November 1923 and commenced business on 28 November 1923 with a paid up capital of ₹100,000 (US$1,500) and an authorised capital of ₹1 million (US$15,000) In 1956, linguistic division of States was promulgated and Hyderabad was made the capital of Andhra Pradesh. The registered office of the bank was subsequently shifted to Andhra Bank Buildings, Sultan Bazar, Hyderabad. In the second phase of nationalisation of commercial banks commenced in April 1980, the bank became a wholly owned Government bank. In 1964, the bank merged with Bharat Lakshmi Bank and further consolidated its position in Andhra Pradesh.
IndiaFirst Life Insurance Company is a life insurance company in India. It is a joint venture between two of India’s public sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK’s financial and investment company Legal & General(26%). It was incorporated in November 2009. It has its headquarters in Mumbai. IndiaFirst Life made more than ₹2 billion (US$30 million) in turnover in just four and half months since the insurance company became operational. IndiaFirst Life insurance company is headquartered in Mumbai. IndiaFirst is the first life insurance company to be recommended for ISO certification within 7 months of inception.
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