Andhra Bank Q2 FY10 net profit up by 70% to Rs.274 Crore
Hyderabad, October 28, 2009:
Andhra Bank posted a net profit of Rs.274 Crore in the second quarter of 2009-10 as against Rs.162 Crore in the corresponding period in the previous year, registering an impressive growth rate of 70 per cent.Bank has recently received R2 approval for the insurance Joint Venture with Legal & General and Bank of Baroda. Bank has signed MOU for launching a banking subsidiary in Malaysia jointly with Bank of Baroda and Indian Overseas Bank
PERFORMANCE IN BRIEF
BUSINESS:
Bank has achieved a Total Business of Rs.1,10,460 Crs as on 30-09-2009 against Rs. 86,948 Crs as on 30-09-2008, with a growth of 27.04 %.
Deposits grew by 23.30% from Rs.50,511Crs as on 30th Sep 08 to Rs.62,279 Crs as on 30th Sep09.
CASA deposits increased by 16.81% over Sep'08 and reached Rs.20140 Crs as at the end of Sep-09.
Gross advances of the bank surged to Rs.48,182 Crs as on 30th September-09 from Rs.36,437 Crs as on 30th September, 2008 with a growth of 32.23%
The Credit Deposit ratio improved from 72.28% as on 30-09-08 to 77.70% as on 30-09-09.
FINANCIAL SOUNDNESS & EFFICIENCY:
Bank is complying with Basel II norms.
Capital to Risk weighted Assets Ratio (CRAR) under Basel II is at 14.03% as at the end of Sep'09 against 13.43% under Basel I as at the end of September-08.
Total Income improved by 23.09% from Rs.1455 Crs to Rs.1791 Crs as on 30.9.2009
Interest Income increased by 17.32% from Rs.1328 Crs to Rs.1558 Crs.
Other Income improved from Rs.126 Crs in Q2 of previous year to Rs 233 Crs in Q2 in current financial year, registering a growth of 84.90%
Net Interest Income increased by 18.94% from Rs.433 Crs to Rs.515 Crs.
Operating Profit stood at Rs.453 Crs at the end of Sep09 as compared to Rs.278 Crs as on 30.09.08 with an Y-o-Y growth of 62.95%.
Net Profit improved to Rs.274 Crs as at the end of Sep 2009 against Rs.162 Crs as on Sep 2008 with Y-o-Y growth of 69.13%.
Cost of funds improved to 5.81% for Q2 from 6.20% during Q2 last year.
Yield on funds stood at 8.67 % for Q2 as against 9.21% for Q2 of previous year.
Cost of Deposits is 6.35% for Q2 and Yield on Advances is 11.21% for Q2.
The Net Interest Margin stood at 3.14% in Q2.
Return on Assets (ROA) improved to 1.53% in Q2 against 1.12% in the previous year (Q2).
Cost to income ratio stands reduced to 39.45% from 50.27% in Q2 of previous year.
Fee based income earned during the first half year is Rs. 41.50 Crs as against Rs. 31.67 Crs earned during the corresponding period in the previous year.
ASSET QUALITY:
The percentage of Standard Assets to Gross Advances increased to 99.17% as on 30.09.09 compared to 98.97% as on 30.09.08.
Gross NPAs stood at Rs to Rs.398.36 Crs (30.09.09).
Gross NPAs as a percentage to Gross Advances stood at 0.83% (30.09.2009) against 1.03% (30.09.2008)
Net NPAs are at Rs 75.20Crs, representing 0.16% of Net Advances, an improvement of 0.08% over previous year.
The delinquency Ratio stands at 0.23% as on 30-09-2009.
Provision Cover for NPAs as on 30.09.09 stands at 83.66%.
Substandard Assets up to Rs. 1.00 Lakh have been fully provided for
>>> GO TO NEXT PAGE
(This is a press release from Andhra Bank)
