Andhra Bank net up 30%

BS 200 SCORECARD

A spurt in non-interest and fee-based income helped the Hyderabad-based Andhra Nank to record a 30.25 per cent rise in net profit at Rs 121.84 crore during the quarter ended December 31, 2004, against Rs 93.54 crore during the corresponding period previous year.

Total income increased from Rs 664.85 crore in the third quarter of the previous fiscal to Rs 706.04 crore for the quarter ended December 31, 2004, chairman and managing director T S Narayanasami said.

He said the bank has declared an interim dividend of 15 per cent for the current year ending March 31, 2005, and net non-performing assets (NPAs) declined to 0.11 per cent (Rs 16.44 crore) from 0.98 per cent (Rs 115.57 crore) during the reporting period.

"The spurt in both non-interest and fee-based incomes guided the bank to post better performance. The bank has entered into several tie-ups to sell mutual funds and insurance products," he said.

The net interest income during the nine months ended December 31, 2004 was up by 18.40 per cent to Rs 803.05 crore from Rs 678.26 crore on a year-on-year basis. The total non-interest income during the same period was up by 16.70 per cent to Rs 602.27 crore from Rs 516.08 crore.

The non-interest income from core banking operation excluding the profit from sale of investments had shown a growth of 45.6 per cent to Rs 250.88 crore from Rs 172.21 crore during the nine months ended December 31, 2004.