Public-sector banking entity, Andhra Bank, is eyeing Rs 100,000 crore business by March 2009 and Rs 150,000 crore by the second quarter of fiscal 2010 from Rs 95,000 crore at present. The bank also aims to boost its lending and deposits and expects to improve net interest margin to 3-3.25% in next fiscal from 2.61% in this fiscal.
The bank has also stepped into insurance sector in joint venture with Bank of Baroda (BoB) and London-based Legal and General in March 2008 to float a life insurance venture – Baroda Legal and General Life Insurance. The Bank of Baroda has 44% stake in the venture while Andhra Bank has 30% hold and UK-based company has 26% stake.