Financial Daily from THE HINDU group of publications
Saturday, Jan 28, 2006
Financial Daily from THE HINDU group of publications Saturday, Jan 28, 2006 |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks Andhra Bank Q3 net up 6 pc at Rs 129 crore Our Bureau
Hyderabad , Jan. 27 ANDHRA Bank has reported a 52.48-per cent growth in net profit from core banking operations (excluding profit on sale of investments) at Rs 108.49 crore during the third quarter ended December 2005, compared with Rs 71.15 crore in the same period last year. The total net profit during the quarter reckoning profit on sale of investments has, however, increased marginally by 5.76 per cent to Rs 128.86 crore (Rs 121.84 crore). The bank has reported a 20.9-per cent growth in core operating profit (excluding profit on sale of investments) at Rs 182.61 crore (Rs 151.04 crore). The total operating profit during the quarter under review was up at Rs 202.98 crore (Rs 201.73 crore). During the quarter, the bank achieved a growth of 24.82 per cent in interest income at Rs 698.64 crore (Rs 559.70 crore). The total income increased 15.79 per cent to Rs 817.50 crore (Rs 706.04 crore). However, the total income, excluding profit on sale of investments, has shown a growth of 21.63 per cent at Rs 797.13 crore (Rs 655.35 crore). During the third quarter, gross credit had grown 30.70 per cent to Rs 20,715 crore (Rs 15,849 crore), while deposits grew 24.58 per cent to Rs 31,331 crore (Rs 25,149 crore). While the gross NPAs declined to Rs 428.34 crore (2.07 per cent) from Rs 478.52 crore (3.02 per cent), the net NPAs increased to Rs 56.81 crore (0.28 per cent) from Rs 16.44 crore (0.11 per cent). In a press release, the bank said it had networked 890 branches under core-banking solutions as against 500 branches by December 2004. The bank has introduced real-time gross settlement facility in 536 branches. The total delivery channels increased to 1,723 by December 2005, from 1,672 as at the end March 2005.
More Stories on : Financial Performance | Public Sector Banks
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