Andhra Bank has registered a net profit of Rs.1,267 crore during 2010-11 against Rs.1,046 crore in the previous year, a growth of 21.13 per cent.
Total business of the bank crossed the Rs.1.60-lakh crore mark, posting 22.44 per cent growth over the previous year's Rs.1.34-lakh crore. Chairman and Managing Director R. Ramachandran said efforts were under way to achieve business close to Rs.2-lakh crore by the end of the current fiscal.
Mr. Ramachandran who announced the bank's results here on Thursday said net interest income registered a 47 per cent growth to reach Rs. 3,221 crore during the fiscal. The net interest margin improved to 3.8 per cent from 3.21 per cent.
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He said the bank had not much of an exposure to the micro finance institutions and “we have not closed our books”.
On the latest revision of rates by the Reserve Bank of India, Mr. Ramachandran said the increase in interest rate on savings deposits could impact about Rs.100 crore but the bank saw an opportunity to raise more funds through savings deposits.