Andhra Bank net profit up by 15.05 p c

Hyderabad, Jan 29 (UNI) The city-headquartered Andhra Bank has reported a Net Profit of Rs 399.12 crore for December 2006 compared to Rs 346.91 crore for December 2005, recording a growth of 15.05 per cent revenue.

Operating profit was up by 22.49 per cent to Rs 690.32 crore as against Rs 563.59 crore for the corresponding period in the previous year. The Bank's interest income increased by 20.20 per cent to Rs 2345.40 crore as against Rs 1951.18 crore for December 2005, a bank release said.

The Bank's total income has grown to Rs 2708.76 crore for December 2006 as against Rs 2265.16 crore for December 2005, registering a growth of 19.58 per cent.

Low cost deposits grew to Rs 13,372 crore against Rs 11472 crore for the corresponding period registering a growth of 16.56 per cent, constituting 37 per cent of Total Deposits.

Highliting performance on YoY basis for nine months ended December 2006, the bank said its business increased to Rs 61689 crore, from Rs 52043 crore recording a growth rate of 18.53 per cent. Gross Bank Credit of the Bank has shown a growth of 23.48 per cent to Rs 25,579 crore from Rs 20,715 crore.

Total deposits of the Bank had shown a growth of 15.25 per cent to Rs 36109 crore from Rs 31331 crore. Yield on advances has gone up to 9.77 per cent from 9.43 per cent.

The banks net interest income increased to Rs 1030 crore from Rs 859 Crore registering a growth rate of 19.89 per cent. The Business per Employee increased to Rs 4.74 crore from Rs 3.93 crore.

Gross Non Performance Assests (NPA) stood at Rs 440 crore (1.72 per cent) and Net NPA at Rs 111 crore (0.44 per cent). The bank priority Sector Advances stood at Rs 9437 crore, constituting 40.20 percent of ANBC.

Advances to Agriculture have risen by 14.63 per cent to Rs 4395 crore (constituting 18.72 per cent of ANBC) from Rs 3834 crore.

Credit extended to SME Sector increased to Rs 2835 crore from, Rs 2402 crore, recording a growth rate of 18.03 per cent.

Retail Lending had risen by 29.38 to Rs 5756 crore from Rs 4449 crore. Credit extended to Housing Sector increased to Rs 3261 crore from Rs 2281 crore, recording a growth rate of 42.96 percent.

Educational Loans have risen by 32.16 per cent to Rs 863 crore from Rs 653 crore. Bank's fee based income has registered growth rate of 39 per cent, it added.

UNI