The Hindu : Andhra Bank net doubles

Online edition of India's National Newspaper
Friday, May 09, 2003

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Business

Andhra Bank net doubles

By Our Special Correspondent

HYDERABAD MAY 8. Andhra Bank has reported a 99 per cent increase in net profit at Rs. 402.99 crores for the year ended March 2003, against Rs. 202.27 crores in the previous year. The directors have declared a higher dividend of 24 per cent (14 per cent) for the year.

Total deposits grew by 13.90 per cent to Rs. 21,062 crores, and advances by 19.22 per cent to Rs.11,899 crores. EPS went up to Rs.10 (Rs. 4.49). Book value was up at Rs. 27.89 (Rs. 19.64).

Of total income of Rs. 2,798 crores, interest earned was Rs. 2,195 crores (Rs. 2,029 crores), and interest/discount on advances/bills was Rs. 1,222 crores (Rs. 980 crores), while income on investments was down to Rs. 915 crores (Rs. 988 crores). Other income however almost doubled to Rs. 603 crores (Rs. 304 crores).

For the quarter ended March 2003, total income was Rs. 788 crores (Rs. 613 crores), of which other income was Rs. 230 crores (Rs. 80 crores).

Announcing results at a press conference here on Thursday, B. Vasanthan, Chairman and Managing Director, said the bank set a target of Rs. 40,750 crore business for March 2004, with deposits of Rs. 25,500 crores and advances of Rs. 15,250 crores. It plans to reduce bulk deposits to Rs. 1,100 crores (Rs. 2,042 crores).

Under the Securitisation Act, the bank has served 46 notices involving an amount of Rs. 50 crores. On the credit card business, he said it was targeted at Rs. 850 crores (Rs. 600 crores). It plans to also return Rs. 50 crores capital this year to the Government. After accounting for last year's return of another Rs. 50 crores capital, the net worth increased to Rs. 1,115 crores (Rs. 883 crores). Capital adequacy ratio stood at 13.62 per cent (12.59 per cent).

Gross NPAs at Rs. 580 crores are proposed to be brought down to Rs. 426 crores. Net NPAs now stand at Rs. 206 crores. The bank proposes to add 105 ATMs to take the total to 325, and add another 50 branches to existing 1100 branches.

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