Andhra Bank net profit zooms to Rs 537 crores

Hyderabad, Apr 30: The net profit of Andhra Bank has zoomed to Rs 537.90 crore for 2006-07, compared to last year's Rs 485.50 crore, recording a 10.79 per cent growth.

Releasing the audit business results for the year ending March 31 2007, Bank Chairman and Managing Director K Ramakrishnan said the operating profit was up by 21.08 per cent to Rs 931.24 crore as against Rs 769.11 crore for the corresponding period of the previous year.

The bank's total income has grown to Rs 3,762 crore, registering a growth of 20.11 per cent, as against Rs 3,132 crore last year. The bank's net income increased to Rs 1,417.54 crore from Rs 1,168.98 crore, registering a growth rate of 21.26 per cent.

Recording 23.55 per cent growth in the bank's business, Mr Ramakrishnan said the business has increased to Rs 69,687 crore from Rs 56,406 during this year.

He said the total deposits of the bank have shown a growth of 22.2 per cent to Rs 41,454 crore from Rs 33, 922 crore. Low cost deposits grew to Rs 14,314 crore against Rs 12,317 crore from the corresponding period registering a growth of 16.21 per cent constituting 34.53 per cent of total deposits.

UNI