I am extremely sorry for not posting any of my messages in past few weeks.
In fact partly the reason was that I was not having adequate response from my colleagues to the messages I had posted already.
It was not right on my part to have expected overwhelming response immediately after introduction of the blog. Hence I decided to resume with my blog and share my experiences with some of my colleagues.
During the interim as usual I have visited many of our zones and branches and even overseas to meet the investors and analysts . This visits do provide lot of feedback as to what bank is doing as perceived by people and enables one to formulate the strategies which will meet the future challenges and expectations.
During the first half of the current fiscal we opened 104 new branches most of which are in northern and western states. This provided opportunity for at least 104 people to work as branch in charge and consequently upgrade their skills. The first half also saw tremendous growth in both top line and bottom line. The credit grew by 32% and profit for the first half was Rs 532 Cr. against total profit of Rs 653 Cr. last year. These developments brought the bank into limelight. After september 09 results the analysts and investors were very happy which reflected in the price of Andhra Bank shares in the stock market. Business Today a well known magazine adjudged us as best bank under asset quality. Similarly last week Business World another important magazine shortlisted us among all the banks for most socially responsible bank. The first prize under this category ultimately went to SBI. There were several other categories in these awards where we were quite low in the list. While we are proud of our achievements and are happy when they are recognized, we should not loose sight of several other areas where we have long way to go. Of course to get any laurel or recognition we need to work very hard and in focused manner. Some of the areas which we should look forward are as follows :-
a) Low cost deposits should reach 35% of total deposit- presently it is 32%.
b) We should have the growth of 25% in deposits and 25% in advances.
c) Our NPA needs to be restricted to the present level.
First two objectives can be reached since we have now opened a large number of new branches this year, without much of difficulty. However this will require lot of efforts from each one of us.
Needless to mention that growth will bring enough opportunities to all of us, besides the recognition we get from external agencies including the awards we get from agencies like the above. This definitely brings pride in all of us to be a part of this great institution.
The journey of growth is very exciting. Let us enjoy being a part of it and contribute with our efforts.
Anil Girotra
