Financial Daily from THE HINDU group of publications
Wednesday, Jul 14, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jul 14, 2004 |
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Money & Banking
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Financial Performance Corporate Results - Foreign Banks ABN-Amro net up 33 pc to Rs 195 cr Our Bureau
Mr Romesh Sobti, Executive Vice-President & Country Representative, ABN-Amro Bank N.V. (India), at a press conference in Mumbai on Tuesday. — Paul Noronha
Mumbai , July 13 DUTCH bank, ABN-Amro N.V (India) has posted an over 33 per cent jump in net profit to Rs 194.8 crore for the year-ended March 2004, up from Rs 146.06 crore in the previous year. While net interest income increased 22.7 per cent to Rs 449 crore (Rs 366 crore), other income - fuelled by sale of third-party products and forex instruments - shot up by almost 50 per cent to Rs 379 crore (Rs 253 crore). Total income increased to Rs 1,140 crore (Rs 995 crore) and total expenditure was at Rs 946 crore (Rs 849 crore). The bank's advances increased by 23 per cent to Rs 6,696 crore (Rs 5,443 crore) and deposits moved up 16 per cent to Rs 5,856 crore (Rs 5,022 crore). Half the bank's assets are retail and the break up is expected to stabilise at 65:35 in favour of retail as against corporate, said Mr Romesh Sobti, Executive Vice-President & Country Representative, at a press conference. The deposits are largely low-cost with 75 per cent of it being current and savings accounts. The bank has one of the lowest cost of funds in the industry with it being 1.95 per cent (2.62 per cent). The net interest margin of the bank increased to 4.91 per cent (3.44 per cent). Net NPA as a percentage of net assets stood at 0.88 per cent (1.59 per cent). Capital adequacy ratio increased to 13.48 per cent (12.57 per cent) with profit retention in the country. The bank has been retaining its profits for the past 15 years and received last capital infusion in the 1990s. The bank plans to have 22 branches by year-end with the current network being limited to 16. As of now, the Indian operations is a mere dot on the global operations of the bank, which has total assets of over 630 billion euro. ABN-Amro Bank finds great potential in the Indian market, which it is looking at as a fourth `home market'. The home markets now consist of the Netherlands, the US Midwest and Brazil.
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