Andhra Bank Q1 net up 21%

Andhra Bank Q1 net up 21%
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First Published: Tue, Jul 31 2007. 12 35 AM IST
Updated: Tue, Jul 31 2007. 12 35 AM IST
C.R. Sukumar
Hyderabad: Andhra Bank Ltd, a mid-sized public sector bank, has reported a growth of 21.2% in net profit at Rs141 crore and 18.2% growth in operating profit at Rs223 crore for the quarter ended 30 June 2007. The total business during the quarter rose by 24.82% to Rs 68,466 crore.
Deposits went up 23.3% to reach Rs40,759 crore, while the net credit rose 27.13% at Rs27,707 crore, the bank’s chairman and managing director, K. Ramakrishnan, said. Owing to an increase in the cost of funds to 6.06% from 5.5% in the same quarter of the previous fiscal, the bank saw a fall in net interest margin to 3.47% from 3.8%.
Its capital adequacy ratio stood at 12.49% by June-end, down from 14.38% in the same month last year. To augment the capital adequacy ratio, the bank may consider raising Rs500-700 crore sometime during the third quarter.
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First Published: Tue, Jul 31 2007. 12 35 AM IST