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ABN Amro posts 59% increase in net profit to Rs385 crore

ABN Amro posts 59% increase in net profit to Rs385 crore
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First Published: Tue, Jul 03 2007. 12 32 AM IST
Updated: Tue, Jul 03 2007. 12 32 AM IST
Growth in consumer lending and fee income helped the local arm of ABN Amro Bank NV post a 59% rise in net profit to Rs385.35 crore for the year ended 31 March, up from Rs241.68 crore a year earlier.
“ABN Amro’s all-round performance in the fiscal year 2006-07 has been achieved within a sound framework of striking the right balance between growth, capital utilization and offering top-of-the-line customer value proposition,” a bank release said.
Loan advances of the bank have increased by more than 21.99% to Rs18,387.55 crore in the fiscal year 2006-07 against Rs15,073.22 crore in the previous year. During the same period, deposits moved up by 34.85% to Rs15,998.30 crore from Rs11,863.77 crore the previous year.
The bank’s total capital and retained earnings now stand at Rs1,973.93 crore.
ABN Amro’s total income for the year 2006-07 went up by 52.23% to Rs3,027.26 crore against Rs1,988.59 crore in the previous year. Out of this, the commission and fee-based income grew by 32.34% to Rs567.33 crore as on 31 March as against Rs428.70 crore a year ago.
ABN Amro is a significant player in cross-border merger and acquisition deals.
According to a recent report by IT solutions provider Thomson Financial, ABN Amro has completed three deals in India between April and June 2007 and is the No. 4 player among underwriters.
ABN Amro is the sixth foreign bank that has announced the results of its India operations. In the past month, Citigroup India announced a 39% growth in its net profit to Rs1,566 crore, up from Rs1,127 crore in March 2006.
Standard Chartered Bank, a close competitor of Citi, reported a 51% rise in its net profit to Rs1,364.3 crore for the fiscal year 2006-07 against Rs904.8 crore in the previous year.
Hongkong and Shanghai Banking Corp. Ltd (HSBC) India posted a 64% rise in its net profit to Rs846 crore from Rs515 crore in the previous year.
Among other foreign banks, a relatively new entrant into retail banking, Deutsche Bank posted a 73% increase in net profit to Rs218.22 crore in the fiscal year 2006-07, up from Rs125.92 crore in FY06.
Bank of America, another foreign bank but one which caters to the banking needs of Indian corporations and does not have retail operations in the country, reported a 35% rise in its net profit to Rs195.5 crore in the fiscal year 2007 from Rs144.5 crore a year earlier.
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First Published: Tue, Jul 03 2007. 12 32 AM IST