Andhra Bank net profit grows to Rs 151 crore in Q2

Hyderabad, Oct 26 (UNI) The city-based public sector Andhra Bank posted a net profit of Rs 151 crore in the second quarter of the current fiscal as against Rs 146 crore in the corresponding period last year.

The bank's total business grew to Rs 74,926 crore this quarter as against Rs 56,112 crore during the same period last year, bank Chairman and Managing Director K Ramakrishna told a press conference here today.

The bank's total deposits grew to Rs 44,434 crore as against Rs 32,512 crore in Q2 last year, he said, observing that there was a ''slight sluggishness'' in the growth of deposits in the last six months when compared to the previous six months and hoped that the performance on the front would improve in the next six months.

He said the net Non-Performing Assets (NPA) stood at 0.19 per cent, one of the lowest in the industry.

To a question, he said the bank's foray into the insurance sector ''is at a high stage of conclusion. It may be through in due course''.

The bank had finalised a Memorandum of Understanding with Hewlett Packard for implementing a comprehensive core banking solution. This initiative would enable the bank to achieve significant cost advantages and better business outcome in the dynamic banking arena in the country and benefit customers who would have access to banking and financial services anytime, anywhere through multiple delivery channels.

UNI