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Andhra Bank Q2 profit up 69%

Andhra Bank Q2 profit up 69%
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First Published: Wed, Oct 28 2009. 07 37 PM IST
Updated: Wed, Oct 28 2009. 07 37 PM IST
Hyderabad: Increased yields on loans and lower expenses have helped Andhra Bank improve its second-quarter net profit by 69.13% to Rs274 crore.
The state-owned bank’s net revenue in the three months ended 30 September rose 23% to Rs1,791 crore, while interest income went up 17.32% to Rs1,558 crore. Its advances were up 32% at Rs48,182 crore.
Chairman and managing director R.S. Reddy said the bank has changed its lending strategy to focus on high-yield sectors such as micro, small and medium enterprises (MSME) and retail credit. Its MSME lending went up 52.19% to Rs6,835 crore and retail credit 34.73% to Rs7,149 crore.Andhra Bank contained its total expenditure at 14%, resulting in a healthy net interest margin of 3.14%, Reddy said.
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First Published: Wed, Oct 28 2009. 07 37 PM IST