Andhra Bank records Rs. 262.40 cr. profit

BANGALORE JAN. 28. Andhra Bank has recorded a 98.7 per cent increase in its net profit at Rs. 262.40 crore in the third quarter ended December 31, 2002 against Rs. 132.05 crore during the corresponding period last year.

Addressing presspersons here today, the Chairman and Managing Director of the bank, B. Vasanthan, said the operating profit of the bank stood at Rs. 539.33 crore against Rs. 304.69 crore during the corresponding period last year, an increase of 77 per cent.

The bank's total business stood at Rs. 30,713 crore during the last nine months, while deposits increased from Rs. 16,988 crore to Rs. 19,929 crore.

Advances increased to Rs. 10,784 crore against Rs. 9,051 crore during the corresponding period last year. Gross NPAs stood at Rs. 620.60 crore.

Mr. Vasanthan said the bank had extended Rs. 169 crore assistance to 78,048 self-help groups (SHGs). The bank had received the Best Performance Award from Nabard under the SHGs-Bank Linkage Programme for the second consecutive year. It had introduced "Laghu Udhaymi Credit Card (LUCC) Scheme for small borrowers.

The bank's housing loans accounted for Rs. 761 crore. It disbursed educational loans amounting to Rs. 237 crore.

The bank had installed 140 ATMs, and had plans to install 225 more by March end, he said.

The bank had introduced "Shri Shirdi Saibaba Nitya Prasadalaya Annadana Yojana" and the "Kids Khazana Scheme", he said.

The Executive Director, R. Balakrishnan, was present.

Vijaya Bank profit up

Vijaya Bank has recorded a net profit of Rs. 52.6 crore for the quarter ended December 31, 2002.

This marked a 19.4 per cent increase in profits compared to the previous year's Q3 profits at Rs. 44 crore. Gross profit amounted to Rs. 119.7 crore compared to Rs. 92.7 crore during the corresponding quarter last year, reflecting a 29.1 per cent increase.

For the nine-month ended December 31, 2002, the bank posted a net profit of Rs.131.1 crore, a 29.6 per cent increase compared to Rs. 101.2 crore during the corresponding period last year.

Gross profit accounted for Rs. 273.3 crore, a 22.9 per cent growth compared to Rs. 222.3 crore recorded during the corresponding period last year.

Deposits stood at Rs. 15,413 crore with total investments at Rs. 8,568 crore. Over 20 branches will be opened by March, according to a press release.

The release said importance would be given to recovery of non-performing assets (NPAs) by making use of the Securitisation Act, and increasing disbursement under the retail lending schemes, especially under the Housing Finance Scheme.

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