Friday, the public sector lender Andhra Bank, announced financial results for the fourth-quarter, reporting higher standalone net profit, with a significant increase in net interest income.
Standalone Results
The Hyderabad-based bank posted fourth-quarter standalone net profit of Rs.201.21 crore or Rs.4.15 per share, 62% higher than Rs.124.25 crore or Rs.2.56 per share reported for the same period last year.
Net interest income during the quarter grew 23% to Rs.395.26 crore from Rs.322.50 crore reported in the corresponding quarter last year, while non-interest income increased 65% to Rs.320.40 crore from Rs.194.13 crore in the corresponding quarter last year.
During the quarter, total standalone income grew 36% to Rs.1,827.10 crore from Rs.1,342.96 crore in the prior year quarter.
The operating profit, before provisions and contingencies, for the quarter increased 38% to Rs.431.79 crore from Rs.313.11 crore in the prior year quarter.
For the fiscal year, the bank reported standalone net profit of Rs.653.05 crore, up 13% from Rs.575.57 crore for the comparable period in 2008.
For the twelve-month period, net interest income rose 21% to Rs.1,626.90 crore from Rs.1,339.57 crore in the corresponding period last year. Non-interest income during the period was Rs.765.38 crore, up 22% from Rs.626.47 crore for the twelve months period ended March 31, 2008.
Total standalone income for April-March 2009 period rose 27% to Rs.6,140.00 crore from Rs.4,836.03 crore in April-March 2008.
Consolidated Results
For the fiscal year, Andhra Bank's consolidated net profit was Rs.656.05 crore, compared with Rs.582.80 crore in 2008, registering a growth of 13%.
For the first twelve months, net interest income rose 21% to Rs.1,627.87 crore from Rs.1,340.20 crore in the corresponding period last year. Non-interest income during the year amounted to Rs.767.64 crore, up 21% from Rs.633.70 crore for the twelve months period ended March 31, 2008.
For the fiscal year, the total consolidated income increased 27% to Rs.6,142.25 crore from Rs.4,843.27 in 2008.
The gross NPA as at the end of March 31, 2009 was Rs.368.14 crore, marginally down from Rs.372.43 crores as at March 31, 2008, while gross non-performance assets as a proportion of gross customer assets were at 0.83%, down from 1.07% at the end of March 2008.
The net NPAs as at March 31, 2009 rose 48% to Rs.79.23 crore from Rs.53.69 crore at the end of March 31, 2008, whereas net non-performance assets as a proportion of net customer assets were at 0.18%, up from 0.15% last year.
As at the end of March 2009, the capital adequacy ratio of the bank stood at 13.32%, as per Basel-II.
The bank said its board has recommended a dividend of 45% or Rs.4.50 per equity share of Rs.10 each for the fiscal year 2009.
At the BSE, Andhra Bank closed Friday's trading at Rs.62.10, up by Re.0.30 or 0.49% on a volume of 11.04 lakh shares. The stock hit an intraday high of Rs.63.90 and a low of Rs.60.05.
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