Financial Daily from THE HINDU group of publications
Tuesday, Oct 29, 2002
Financial Daily from THE HINDU group of publications Tuesday, Oct 29, 2002 |
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Money & Banking
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Public Sector Banks Corporate Results - Public Sector Banks Andhra Bank nets Rs 67 cr Our Bureau
MUMBAI, Oct. 28 INCREASED non-interest income and better spreads enabled Andhra Bank to record almost a three fold increase in net profit at Rs 66.76 crore for the quarter ended September 30, 2002, as compared to Rs 18.85 crore in the corresponding period in the previous year. Mr B.Vasanthan, Chairman and Managing Director, said the bank has been able to bring down the cost of deposit and thereby increase the interest margins. Non-interest income increased sharply to Rs 118.89 crore for the quarter ended September 30, from Rs 63.79 crore. Other income is primarily commission income that is earned through direct tax collections from 255 of the banks branches, collection of property tax, telephone bills, bank guarantees and LC's. Mr Vasanthan said that income from treasury operations also contributed to the high profits for the quarter, registering Rs 48.5 crore growth over the corresponding period in the previous year. Interest earned was at Rs 550.63 crore (Rs 506.63 crore). Total income of the bank was Rs 669.52 crore (Rs 570.34 crore). Credit-deposit ratio of the bank was 53 per cent as on September 30, 2002 (42 per cent). Net NPAs as on September 30, 2002, were at 2.31 per cent (3.00 per cent), while gross NPAs were at 5.6 per cent (6.2 per cent). As on September 30, 2002, gross NPAs amounted to Rs 570 crore, while net NPAs amounted to Rs 220 crore. The bank has set aside Rs 59 crore for its investment fluctuation reserves (IFR) constituting five per cent of its total investment portfolio. Mr Vasanthan said the bank is assessing its manpower strength and may consider a second VRS if need be. The capital adequacy is at 15.08 per cent.
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