Andhra Bank Net Up 99%

Riding back on a 98.55 per cent growth in other income, Andhra Bank has posted a net profit of Rs 402.99 crore for the financial year 2002-03, which is 99 per cent higher than Rs 202.27 crore net in the previous fiscal.

Other income constituted Rs 603.64 crore (Rs 304 cr) of its total income of Rs 2,798.66 crore. Total income rose by 19.9 per cent compared with the previous fiscal.

The bank has declared 24 per cent dividend, as compared to 14 per cent in 2001-02. Earnings per share has gone up to Rs 10.07 as against Rs 4.49 in the previous fiscal.

 

Announcing the financial results here today, B Vasanthan, chairman and managing director of the bank, said though yield on advances fell to 11.64 per cent from 12.03 per cent in 2001-02, the bank could maintain higher profitability owing to decline in average cost of funds to 6.39 per cent from 7.46 per cent earlier.

Low-cost deposits constituted 30.5 per cent of its total deposit, as against 28.3 per cent previously. He said interest spread has increased to 3.33 per cent from 2.94 per cent.

The bank recorded a total business of Rs 32,961 crore, an increase of 15.77 per cent. Deposits increased by 13.9 per cent to Rs 18,491 per cent, and advances registered 19.22 per cent growth at Rs 11,899 crore.

Retail advances form 20.36 per cent of total advances at Rs 2,423 crore. The bank