Andhra Bank doubles profit

Andhra Bank has doubled its net profit in the second quarter ended September 30, 2003 to Rs. 136.98 crores from Rs. 68.40 crores. The gross profit has increased by 45.2 per cent to Rs. 270.89 crores from Rs. 186.57 crores. With a drop in the cost of deposits to 6.18 per cent from 7.34 per cent and an increase in net interest income, the net interest margin has improved to 3.88 per cent for the half year ended September 30, 2003 from 3.58 per cent in the same period in the previous year.

Addressing presspersons in Chennai on Tuesday, B. Vasanthan, Chairman and Managing Director of the bank said the bank had entered into an agreement with IDBI Bank and ICICI Bank for ATM sharing.

Total business as on September 30, 2003 stood at Rs. 32,741 crores against Rs. 30,480 crores, a growth of 7.42 per cent. Low cost deposits constituted 32 per cent of total deposits of Rs. 21,179 crores as compared to 27 per cent in the previous year, he said.

The total income in the half year ended September 30, 2003 has increased to Rs. 1,528.45 crores from Rs. 1,281.27 crores. Interest expended was lower at Rs. 682.23 crores against Rs. 704.40 crores. The gross profit has increased to Rs. 524.01 crores from Rs. 322 crores, and the net profit to Rs. 255.66 crores from Rs. 149.73 crores.

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