Andhra Bank repeats stellar performance in 3rd Quarter ended Dec 2009
Hyderabad, January 25, 2010:
Continuing its growth momentum, Andhra Bank came out with another round of excellent performance in all fronts for the Quarter ended December 2009.
Total Business touched Rs. 117,899 crore, up by 23.04%, with deposits at Rs. 66,547 crore clocking a growth of 23.70% and Advances reaching Rs. 51,352 crore with a growth of 22.19%. Credit Deposit ratio stood at 77.47%.
MSME advances have shown a robust growth of 53.02%. Retail credit jumped by 40.73%, which was predominantly contributed by disbursements in Gold Loan and Housing Loan portfolios. Disbursement in Gold loans exceeded Rs. 1,000 crore during the current financial, while disbursement in housing loans exceeded Rs. 860 crore.
Total income increased by 14.73%, while increase in total expenditure is only 10.27%.
NET PROFIT of ANDHRA BANK zoomed to Rs. 806 crore for the 9 months period from Rs. 452 crore of the corresponding period last year, with a growth of 78.32%. Net profit of the Bank rose to Rs. 275 crore for Q3 from Rs. 213 crore, with a growth of 29.47% over the corresponding period in the previous year.
NIM moved up to a healthy 3.35% for this quarter, with Net Interest Income (NII) showing increase of 29%.
Other ratios also have shown remarkable improvement as:
Return on Assets (annualized) went up to 1.49%, as against 1.04 % of the corresponding quarter.
Cost to Income ratio improved to 40.28% from 43.70%.
Cost of deposits contained at 5.85% as against 7.00%.
Maintaining its consistent performance on the Asset Quality front, Gross NPA reduced from 0.89% to 0.87%, while Net NPA came down to 0.17% from 0.21%.
The Provision Coverage ratio for NPA stood at 91.07% as against RBI' s mandated 70% by September 2010, which is an indication of the inherent strength of the Bank's Balance Sheet.
Capital Adequacy ratio, an indicator of the availability of capital for future growth, stood at 14.95 %( Basel II norms) against the RBI prescription of a minimum of 9%.
M/s IndiaFirst Insurance Co Ltd, a Life Insurance Joint Venture of Andhra Bank with Bank of Baroda and Legal & General (UK) commenced its operations in January 2010.
Bank has opened 112 branches during the nine month period, predominantly in the Northern and Western parts of the country to have a pan India presence.
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(This is a press release from Andhra Bank)