ANDHRA BANK
RESULTS FOR
Q/E SEPT 2010
Andhra Bank has declared reasonably good results for q/e Sep 2010.
Interest/Discount on Advances/Bills is Rs. 1560 cr – up by 4 4.06% from previous Qtr and by 23.02% from corresponding Qtr. This reflects robust business improvement for the bank.
Income on Investments is Rs.373 cr – up by 4.51% from previous Qtr and by 33.41% from corresponding tr of last year.
Total Income is Rs.2132 Cr – up by 2.85% from previous Qtr and by 19.06% from corresponding Qtr.
Interest Expended is Rs.1157.89 cr – up by 2.58% from previous Qtr and by 11.01% from corresponding Qtr.
Net Profit is Rs.302.97 Cr – down by 5.44% from previous Qtr and UP BY 10.59% from corresponding Qtr.
Capital Adequacy Ratio is reasonable at 12.19.
Provisions is higher at Rs.119.58 cr compared to Rs.51.99 cr in previous Qtr and Rs.57.83 Cr in corresponding Qtr. The provisions have increased by over 100% in this Qtr. This has reduced the net profit and the EPS in this qtr. Hopefully, it is a one time measure for the bank.
Because of the higher provisioning - Basic EPS is restricted to Rs.6.25 – compared to Rs.6.61 in previous Qtr and Rs.5.65 in corresponding Qtr.
% of Gross/Net NPA is reasonable at 0.49 compared to 0.3 in previous qtr and 0.16 in corresponding Qtr.
Return on Assets is 1.37 compared to 1.47 in previous Qtr and 1.53 in corresponding qtr.
But for the higher provisioning in the Q2 – all the other parameters are very good for Andhra Bank.
It is therefore quite on the cards – that Andhra Bank will rebound with great vigor in current quarter.
There was a change of guard in last quarter in the Bank (also in some other PSBs) and the current CMD has taken over at the last Qtr end.
The growth in number of branches was dismal in last quarter.
All this is obviously changing in AB – which is expanding its Branch network with double the normal speed.
It is therefore a good investment bet for medium to long term investors.
ANDHRA BANK
PRESS RELEASE DETAILS
Performance Highlights
Profitability:
• Operating Profit of the Bank for Q2 of FY ’11 stood at Rs.565 Crore as against Rs.453 crore in Q2 of FY ’10, recording a growth of 24.72%.
• Net Profit of the Bank improved to Rs.303 Crore as against Rs.274 crore, an increase of 10.58%.
• Net Interest Income improved to Rs. 783 crore from Rs.515 crore registering an increase of 52.04%.
• Net Interest Margin (NIM) moved up significantly to 3.91% for the current quarter vis-à-vis 3.14%.
• Core Operating Profit (Excluding trading profit on Investments of Q2) increased by 52.79% to Rs. 547 crore from Rs. 358 Crore.
• Core Non Interest Income of the Bank improved to Rs.173 Crore from Rs. 138 crore registering an increase of 25.36%.
Business Growth
• Total Business of the Bank rose to Rs. 1,39,604 crore, a growth of 26.38% from Rs. 1,10,461 crore in September 2009.
• Deposits of the Bank reached a level of Rs. 78,584 crore, a y-o-y growth of 26.18%, from Rs. 62,279 crore in September 2009.
• CASA Deposits of the Bank increased to Rs.23885 crore in September 2010 from Rs. 20140 crore in September 2009, registering an increase of
18.60%. The share of CASA deposits stood at 30.39% as at the end of September 2010.
• Advances of the Bank rose to Rs.61020 crore in September 2010,
recording a y-o-y growth of 26.64% from 48182 crore in September 2009.
• Priority Sector Advances improved to Rs.20567 crore as on 30.9.2010 from Rs.16466 crore as on 30.9.2009, reflecting a growth of 24.91%.
• Advances to Agriculture have gone up to Rs.9612 crore as on 30.9.2010, from Rs.7744 crore as on 30.9.2009, recording a growth of 24.12%.
• MSME Advances registered a significant growth of 35.01% and stood at Rs.9228 crore as at the end of September 2010 against Rs.6835 crore in Sep'09.
• Retail Credit significantly increased to Rs.9239 crore from Rs.7149 crore, with a growth of 29.23%.
• Corporate & Other Advances improved to Rs.31,983 crore from Rs.25,637 crore, registering a growth of 24.75%
Asset Quality & Recovery
• Gross NPAs to Gross Advances ratio stood at 1.26% and in absolute terms Gross NPAs stood at Rs. 770 Crore as on 30.09.2010.
• Net NPAs to Net Advances stood at 0.49% and in absolute terms the Net NPAs stood at Rs.299 crore as on 30.09.2010.
• Provision Coverage Ratio: The NPA Provision Coverage Ratio stood at 78.85% as on 30.9.2010,as against the regulatory stipulation of 70%.
ANDHRA BANK | 30-Sep-10 | 30-Jun-10 | dif% 1 | 30-Sep-09 | Dif% 2 |
Interest/Discount on Advances/Bills | 156004.84 | 149919.44 | 4.06 | 126810.35 | 23.02 |
Income on Investments | 37312.73 | 35703.71 | 4.51 | 27969.34 | 33.41 |
Income on Balances With RBI | 797.93 | 758.08 | 5.26 | 418 | 90.89 |
Others | - | 123.52 | 575.19 | ||
Interest Earned | 194115.5 | 186504.75 | 4.08 | 155772.88 | 24.61 |
Other Income | 19117.03 | 20818.69 | -8.17 | 23319.24 | -18.02 |
Total Income | 213232.53 | 207323.44 | 2.85 | 179092.12 | 19.06 |
Interest Expended | 115789.13 | 112880.38 | 2.58 | 104307.1 | 11.01 |
Employees Cost | 26010.18 | 28698.25 | -9.37 | 17150.71 | 51.66 |
Other Operating Expenses | 14977.71 | 14705.17 | 1.85 | 12353.68 | 21.24 |
Operating Expenses | 40987.89 | 43403.42 | -5.57 | 29504.39 | 38.92 |
Operating Profit | 56455.51 | 51039.64 | 10.61 | 45280.63 | 24.68 |
Provisions | 11958.11 | 5198.79 | 130 | 5783.39 | 106.77 |
Profit before tax | 44497.4 | 45840.85 | -2.93 | 39497.24 | 12.66 |
Tax Expense | 14200 | 13800 | 2.9 | 12100 | 17.36 |
Net Profit After Tax | 30297.4 | 32040.85 | -5.44 | 27397.24 | 10.59 |
Net Profit | 30297.4 | 32040.85 | -5.44 | 27397.24 | 10.59 |
Face Value of Share (in Rs.) | 10 | 10 | 0 | 10 | 0 |
Paid-up Equity Share Capital | 48500 | 48500 | 0 | 48500 | 0 |
Capital Adequacy Ratio | 12.19 | 12.9 | -5.5 | 13.01 | -6.3 |
Basic EPS | 6.25 | 6.61 | -5.45 | 5.65 | 10.62 |
a) Gross/Net NPA | 29935.97 | 16976.48 | 76.34 | 7520 | 298.08 |
b) % of Gross/Net NPA | 0.49 | 0.3 | 63.33 | 0.16 | 206.25 |
c) Return on Assets | 1.37 | 1.47 | -6.8 | 1.53 | -10.46 |
Public Shareholding (%) | 48.45 | 48.45 | 0 | 48.45 | 0 |
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