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Our Bureau

Hyderabad, Jan. 30 Andhra Bank has posted 17 per cent increase in net profit at Rs 159 crore in the third quarter ended December 31, 2007 as against Rs 136 crore in the comparable period in the previous fiscal.

The total income grew by 33 per cent at Rs 1,233 crore (Rs 927 crore).

“Increase in credit and fee-based income were key drivers for growth in the quarter”, Dr K. Ramakrishnan, Chairman and Managing Director, told newspersons here on Wednesday.

The fee-based income was at Rs 27.5 crore (Rs 15 crore).

Total expenditure rose to Rs 945 core (Rs 684 crore) driven by surge in the interest expended.

“This is because of our drive to shed bulk deposits over last one year. From 32 per cent in March 31, 2007, the bulk deposits have come down to 21 per cent at the end of the quarter,” Dr Ramakrishnan said.

The net non performing assets decreased to 0.16 per cent (0.44 per cent) and the capital adequacy ratio stood at 12.03 per cent.

During the quarter, the bank raised Rs 750 crore of tier-II capital and now has enough funds to meet operational requirements including Basel II compliance, he said.

For the nine months period, the total business grew by 21.94 per cent at Rs 75,225 crore backed by 21.6 and 22.42 per cent growth in deposits and loans/advances respectively.

The net profit grew by 13.1 per cent at Rs 451 crore.

More Stories on : Public Sector Banks | Financial Performance

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