ANDHRA BANK = RESULTS = FOR Q3 FY 2011 = QTR ENDING DECEMBER 2010 = NET PROFIT UP BY 20.16% = CONSISTENT GROWTH

ANDHRA BANK

Q3 FY 2011 RESULTS

FOR Q/E DECEMBER,2010

Andhra Bank has performed well in Q3 of FY 2011.

INTEREST ON ADVANCES : is Rs.1712 cr – up by 9.75% from Q2 FY11 and  by 31.61% from Q3 FY10.

Income on Investments : is Rs.401 cr – up by 7.38% from Q2 FY11 and by 33.39% from Q3 FY10.

Total Income : is Rs.2320 Cr – up by 8.81% from Q2 FY11 and by 27.01% from Q3 FY 2010.

Net Interest Income : is Rs.840 cr – up by 7.23% from Q2 FY11 and by 44.19% from Q3 FY 2010.

Operating Profit : is Rs.627 Cr – up by 10.99% from Q2 FY11, and by  30.05% from Q3 FY 2010.

NET PROFIT : is Rs.331 cr – up by 9.22 % from Q2 FY11 and by 20.16% from Q3 FY 2010.

Capital Adequacy Ratio is reasonable at 11.

% of Gross/Net NPA is comfortable at 0.47, though it has slightly risen from Q3 FY 10 level of 0.17.

Return on Assets is quite comfortable at 1.41.

Basic EPS : is Rs.6.82 against Rs.      6.25 in Q2 FY11 and Rs.5.68 in Q3 FY 2010. Thus, annual EPS will be around Rs.26.5. Current Market price is Rs.140.Hence current PE Ratio is around 5.28.

Andhra Bank has been a consistent performer and growing at a good Rate. It deserves better valuations.

RESULTS TABLE :

andhra bank	31-Dec-10	30-Sep-10	30-Jun-10	31-Mar-10	31-Dec-09
Interest on Advances	171217	156004.84	149919.44	137436.84	130097.18
DIF %1	1712	9.75	14.21	24.58	31.61
Income on Investments	40066	37312.73	35703.71	32732.5	30035.61
DIF %2	401	7.38	12.22	22.4	33.39
Income on Balances With RBI	875	797.93	758.08	456.37	123.55
Others	-	-	123.52	168.91	-
Interest Earned	212158	194115.5	186504.75	170794.62	160256.34
Other Income	19862	19117.03	20818.69	26910.52	22424.86
Total Income	232020	213232.53	207323.44	197705.14	182681.2
DIF %3	2320	8.81	11.91	17.36	27.01
Interest Expended	128165	115789.13	112880.38	105177.04	102003.11
NII	83993	78326.37	73624.37	65617.58	58253.23
DIF %4	840	7.23	14.08	28	44.19
Employees Cost	25950	26010.18	28698.25	24388.9	19729.95
Other Operatng Expenses	15244	14977.71	14705.17	15418.78	12766.88
Operatng Expenses	41194	40987.89	43403.42	39807.68	32496.83
Operating Profit	62661	56455.51	51039.64	52720.42	48181.26
DIF %5	627	10.99	22.77	18.86	30.05
Provisions	17170	11958.11	5198.79	22293.97	9642.23
Tax Expense	12400	14200	13800	6400	11000
Net Profit	33091	30297.4	32040.85	24026.45	27539.03
DIF %6	331	9.22	3.28	37.73	20.16
Face Value (in Rs.)	10	10	10	10	10
Paid-up Equity	48500	48500	48500	48500	48500
Capital Adequacy Ratio	11	12.19	12.9	13.3	13.82
Basic EPS	6.82	6.25	6.61	4.95	5.68
Gross/Net NPA	30813	29935.97	16976.48	9572	8791.87
% of Gross/Net NPA	0.47	0.49	0.3	0.17	0.17
Return on Assets	1.41	1.37	1.47	1.14	1.45
Public holding (%)	48.45	48.45	48.45	48.45	48.45

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