Hyderabad: Sluggish credit growth, fall in treasury profits and the growing cost of funds have seen Andhra Bank, city-based public sector bank, clock a lower net profit of Rs124.25 crore, on a total income of Rs1,352.55 crore for the quarter to March. In the same period a year ago, it had reported a post-tax profit of Rs138.77 crore on an income of Rs1,108.32 crore. Deposits grew 12.58% to Rs49,437 crore, while credit improved 10.36% to Rs34,556 crore in the quarter.
For the full year to March, deposits grew 20.53%, while advances rose 22.4%. The bank’s profit grew to Rs575.57 crore on an income of Rs4,871.21 crore, compared with Rs537.9 crore on an income of Rs3,762.21 crore a year ago. However, operating profit margins fell to 21.69% from 24.75% a year ago and net profit margins to 11.81% from 14.29% in the previous fiscal.
United Bank FY08 net up 19.5%; Rs110cr hit
Kolkata/New Delhi: Announcing the financial results for 2007-08 on Friday, United Bank of India chairman and managing director P.K. Gupta said the bank had taken a hit of Rs110 crore on provisioning pertaining to derivatives and Rs73 crore on account of depreciation on investments, among others.
The net profit increased 19.5% to Rs318.95 crore compared with Rs267.28 crore in the previous fiscal. Deposits increased 26.4% to Rs46,971 crore and advances 24.3% to Rs28,152 crore. Gross NPAs declined to 2.7% while the net NPA came down by 1.1% The capital adequacy ratio at the end of March stood at 11.88%, with tier I at 6.74% and tier II at 5.14%.
Ambuja Cements net drops 42% in Q1
Mumbai: Ambuja Cements on Friday announced a net profit of Rs326.2 crore for the first quarter ended 31 March, a drop of 42.39%. The company had a net profit of Rs566.25 crore in the year-ago period, it told the Bombay Stock Exchange (BSE).
Total income for the quarter rose to Rs1,695.41 crore, from Rs1,452.49 crore in the same period a year ago.
Shares of the company closed at Rs114.80, down 0.35% on BSE, whose benchmark index gained 2.42%.
ABB Jan-March net up 36% on orders growth
Mumbai: Power transmission equipment maker ABB India Ltd on Friday reported a 36% rise in net profit for the quarter to March on order book conversions and strong order intake. During the quarter, the firm got fresh orders worth Rs2,695 crore, taking its order backlog at the end of the quarter to Rs6,175 crore.
For the quarter to March, ABB reported a net profit of Rs118 crore on revenues of Rs1,554 crore, which rose 17%.
HCC FY08 net rises 37% at Rs 109 crore
Mumbai: Infrastructure firm Hindustan Construction Co. (HCC) on Friday announced a net profit of Rs108.77 crore for the year ended 31 March, a 37.19% increase over the corresponding period of last year.
The company had a net profit of Rs79.28 crore for the year ended 31 March 2007, it said in a filing to the Bombay Stock Exchange (BSE).
HCC’s total income increased to Rs3,120.75 crore for the year, up from Rs2401.88 crore last year.
The company’s board of directors have announced a dividend of Re0.80 per equity share.
HCC shares fell 4.53% to end the day at Rs125.30 on BSE even as the benchmark index rose 2.42%.