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Andhra Bank Q2 net up

Started by sajiv, Nov 01, 2008, 10:44 AM

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Andhra Bank posted a 6.83 per cent net profit at Rs. 161.54 crore in the second quarter of the current financial year against Rs. 151.22 crore in the corresponding period last year.

Releasing the Q2 results at a press conference here on Friday, CMD R.S. Reddy said that the bank’s total business grew by 16.04 per cent at Rs. 86,948 crore and was committed to achieving the targeted Rs. 1 lakh crore by the end of the fiscal. Total deposits increased to Rs. 50,511 crore, a jump of 13.68 per cent. Loans and advances increased to Rs. 26,437 crore, a hike of 19.5 per cent. A rise of 33.63 per cent in its net interest income resulted in profitability.

The operating profits of the bank increased by 19.92 per cent at Rs. 278.43 crore. The net non-performing assets (NPA) of the bank stood at 0.24 per cent. The capital to risk-weighted assets ratio was 13.43 per cent against the 9 per cent prescribed by the Reserve Bank of India. The bank made a provisioning of Rs. 56.89 crore (against Rs. 10.97 crore in Q2 of last fiscal).