Andhra bank records net profit Rs 575 crore

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Hyderabad, Apr 25: The Public Sector Andhra Bank today earned a net profit of Rs 575.57 crore for the year 2007-08, registering a growth of seven per cent over the previous year.

Talking to newspersons here after the board meeting, Chairman and Managing Director K Ramakrishanan said the net profit had increased to Rs 575.57 crore from Rs 537.90 crore last year.

The bank's business recorded a growth of 20.53 per cent to reach the level of Rs 83,993 crore as on March, 2008, as against Rs 69,687 crore for the corresponding period last year and the total deposits of the bank had shown a growth of 19.26 per cent and stood at Rs 49,437 crore, as against Rs 41,454 crore as on March 2007, he claimed.

The gross bank credit increased from Rs 28,233 crore to Rs 34,556 crore, registering an Year-over-Year (YoY) growth of 22.40 per cent with the credit deposit ratio recorded at 70.07 per cent. The advances to agriculture increased from Rs 5150 crore to Rs 6156 crore with a growth of 19.55 per cent over the previous year.

Mr Ramakrishnan said the operating profit increased from Rs 931.24 crore as on March 2007 to Rs 1056.94 crore as on March this year, registering a growth of 13.50 per cent.

The net NPAs were at Rs 53.70 crore, representing 0.15 per cent of net advances, as against 0.17 per cent of previous year and the total income registered an YoY growth of 29.48 per cent, he added.

The number of business delivery channels had increased to 2128 as on March this year from 1930 at the end of the previous year. The business delivery channels comprises 1366 branches, 68 extension counters, 38 satellite offices and 656 ATMs. The total branches increased from 1289 to 1366 as on March this year.

UNI

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