Thursday, May 5, 2011
ANDHRA BANK = RESULTS = Q4 FY 2011 = QTR ENDING MARCH 2011 = NET PROFIT UP BY 30% = FUTURE EQUALLY PROMISING
NSE Symbol ANDHRABANK
ANDHARA BANK has announced excellent Results for Q4 FY 2011 ending March 2011.
Interest on Advances: is Rs.1917.76 cr – up by 12.01% from previous qtr Q3 FY 11; up by 22.93% from Q2 FY 11; Up by 27.92 from Q1 FY 11; and up by 39.54% from Q4 of FY 10 (corresponding qtr).
Income on Investments has grown to Rs.408.77 cr – up by 2.02% from Q3 FY 11; Up by 9.55% from Q2 FY 11; Up by 14.49% from Q1 FY 11; and up by 24.88% from Q4 FY 10.
N I I : is Rs.861.54 cr – up by 2.57% from Q3 FY 11; up by 9.99% from Q2 FY 11; Up by 17.02% from Q1 FY 11; and up by 31.3% from Q4 FY 10.
The net interest margin (NIM) has been 3.8% for FY 11. The Bank says - “We certainly will be able to hold 3.5%, we expect it to be certainly above 3.5%,”
Total Income has grown to Rs.2662.47 Cr – up by 14.75% from Q3 FY 11; Up by 24.86% from Q2 FY 11; Up by 28.42% from Q1 FY 11; and Up by 34.67% from Q4 FY 10.
Total Expenditure excluding provisions has grown to Rs.1950.97 Cr – up by 15.2% from Q3 FY 11; Up By 24.44% from Q2 FY 11; up by 24.84% from Q1 FY 11; and also up by 34.56% from Q4 FY 10.
Operating Profit at Rs.711.50 Cr is up by 13.55% from Q3 FY 11; Up by 26.03% from Q2 FY 11; Up by 39.4% from Q1 FY 11; and also up by 34.96% from Q4 FY 10.
Provisions for Q4 FY 11 is Rs.302.72 cr compared to Rs.171.70 cr for previous qtr of Q3 FY 11; and Rs.222.94 cr in corresponding qtr of Q4 FY 10. AB’s provision coverage ratio is close to 84% against a mandatory requirement of 70%.
Profit before tax is Rs.408.78 cr – slightly down by 10.14% from previous qtr of Q3 FY11; down by 8.13% from Q2 FY 11; down by 10.83% from Q1 FY 11; but up by 34.35% from Q4 FY 10.
Net Profit is Rs.312.78 cr – down by 5.48% from Q3 FY 11; up by 3.24% from Q2 FY 11; down by 2.38% from Q1 FY 11; and up by a good 30.18% from Q4 FY 10.
Capital Adequacy Ratio is quite good at 13.48
Basic EPS on a FV of Rs.10 is Rs.6.37.
% of Gross/Net NPA is 0.38. NPAs have increased from from Rs 872 crore in Q3 FY 11 to Rs 995 crore in Q4 FY 11. The total of Rs 995 crore of gross NPA for an advance level of over Rs 72,000 crore is considered Not high.
Return on Assets is good at 1.22.
ADVANCES : AB has recorded a robust growth of around 27.69% on year-on-year basis, to the level of Rs 72,154 crore from a level of Rs 56,505 crore
AB’s current account, savings account (CASA) is around 28-29%.
Overall – Andhra Bank has performed very well in FY 11 – and is likely to repeat the performance in coming quarters as well. AB has been steadily growing in size – in terms of number of branches and amount of business. It is also expected to get huge amount of cheap funds in current quarter from GOI – which will augur well for the performance of the Bank.
In general, GOI is infusing good and cheap equity funds into PSBs in this quarter - and this is bound to enhance the performance of these banks in the coming quarters.
ANNOUNCEMENTS TO NSE
05-05-2011 : The consolidated Results for the year ended on 31-MAR-2011 as follows:
Interest earned of Rs. 829165.23 lacs for the year ending on 31-MAR-2011 against Rs. 637289.48 lacs for the year ending on 31-MAR-2010.
Interest expended of Rs. 506933.7 lacs for the year ending on 31-MAR-2011 against Rs. 417709.58 lacs for the year ending on 31-MAR-2010.
Net Profit / (Loss) of Rs. 126778.23 lacs for the year ending on 31-MAR-2011 against Rs. 104966.78 lacs for the year ending on 31-MAR-2010.
28-02-2011 the Bank is convening an Extraordinary General Meeting of shareholders of the Bank on 23.03,2011 seeking their approval for issuance of 3,92,92,980 equity shares at Rs.157.28p per share (face value of Rs.10/- each) aggregating to Rs. 618 Crore to Government of India on preferential basis.
18-02-2011 The Board of Directors of the Bank at its meeting held on February 18, 2011, approved the preferential allotment of equity to the Government of India to the tune of Rs. 618 Crore (including premium) subject to shareholders' approval to be obtained at the Extraordinary General Meeting of Shareholders of the Bank to be held on March 23, 2011….
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