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Andhra Bank net profit up 20 %

Special Correspondent

HYDERABAD: Andhra Bank's net profit increased to Rs.331 crore in the third quarter of 2010-11 from Rs.275 crore in the same period in 2009-10, registering 20.4 per cent growth. The operating profit grew by 30 per cent and stood at Rs.627 crore against Rs.482 crore, while net interest income (NIM) improved to Rs.840 crore, recording a growth of 44 per cent.

Releasing the results at a press conference here on Monday, Chairman and Managing Director R. Ramachandran said the net profit for the nine months ended December 2010 improved to Rs.954 crore from Rs.806 crore, registering a year-on-year growth of 18.4 per cent. The operating profit grew by 32.7 per cent to Rs.1,702 crore from Rs.1,283 crore.

Total business stood at Rs.1,47,682 crore against Rs.1,17,899 crore in December, 2009. Deposits at the end of December 2010 amounted to Rs.82,095 crore as compared to Rs.66,547 crore in December 2009, reflecting a growth of 23.4 per cent year-on-year basis.

He said the bank was expected to receive a capital infusion of Rs.1,200 crore in 2011-12 from the Government, which would be used for incremental business needs. Replying to a question on lending to micro-finance institutions (MFIs), he said the bank had not disbursed any loans during the recent past. All the banks would take a collective decision as far as MFIs were concerned.

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