Business Daily from THE HINDU group of publications
Saturday, Aug 09, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, Aug 09, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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Public Sector Banks Andhra Bank likely to raise tier II capital Our Bureau Hyderabad, Aug 8 Andhra Bank is likely to approach markets to raise tier II capital within a week, according to Mr R.S. Reddy, the newly appointed Chairman and Managing Director. “We should raise tier II capital and are currently looking at various options of doing so. We have to tabulate our capital requirements. It will be done in about a week,” Mr Reddy told newspersons at the launch of ‘AB Double Deposit’ scheme here on Friday. The bank, however has a comfortable CRAR (capital-to-risk-assets ratio) at 12 per cent as on date. “Even conforming to the Basel II norms, our CRAR may come down by 1 per cent. We don’t actually need capital to maintain CRAR but for other purposes,” he said. On the performance of the bank, which posted 46 per cent dip in net profit at Rs 77.6 crore in the first quarter of current fiscal year, Mr Reddy said it would maintain a net interest margin (NIM) of 2.61 per cent for the year. On the plans to sustain/increase profitability, he said the bank would focus on tapping fee-based income, which stood at Rs 661 crore and Rs 119 crore during 2007-08 and first quarter of the current fiscal respectively. AB DOUBLE SCHEMEThe AB Double, a reinvestment term deposits scheme, would offer 9.60 per cent and 9.10 per cent interest for senior citizens and others respectively for a fixed period of 90-93 months. The interest will be compounded on a quarterly basis. Andhra Bank to raise $300 m loan Market slump hits Andhra Bank Q4 net Andhra Bank to foray into reverse mortgage Andhra Bank Q1 net down 46% on operating expenses More Stories on : Public Sector Banks
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