ANDHRA BANK = Q2 FY 2012 RESULTS = QTR ENDING SEP 2011 = NPT UP BY 4.34% YOY

ANDHRA BANK

QTRLY RESULTS FOR

Q2 ENDING SEP,2011

Andhra Bank has performed well in Q2 FY 2012 ending Sep, 2011.

Interest on Advances has gone up to Rs.2292.79 cr – up by 5.91% QOQ and 46.97% YOY.

Income on Investments    has gone up to Rs.476.93 cr – up by 5.38% QOQ and by 27.82% YOY.

Total Income has gone up to Rs.2960.32 cr – up by 3.83% QOQ and by 38.83% YOY.

Total Expenditure has also gone up to Rs.2273.53 cr – up by 5.67% QOQ and up by 45.02% OY. Thus, total expenditure has grown more during this quarter compared to growth in total Income. The main growth is on Interest expended.

Operating Profit        has gone down to Rs.686.79 cr – down by (-)1.84% QOQ and up by 21.65% YOY. This is mainly due to higher increase in Interest Expended (58.16%), compared to increase in Interest earned (43.34%).

Provisions has gone up steeply to Rs.260.67 cr – up by 47.31% QOQ and up by 117.99% YOY.

% of Gross/Net NPA is 1.48 against a mere 0.45 in Q1 FY 12 and 0.49in Q2 FY 12. There is increase in NPAs in the quarter – but not much alarming.

Profit before tax has come down to Rs.426.12 cr from Rs.522.71, a decrease of (-)18.48% QOQ and a decrease of (-)4.24% YOY.

Net Profit stands at Rs.316.12 cr, a decrease of (-)18.04 QOQ but increase of 4.34% YOY.

Capital Adequacy Ratio is comfortable at 12.72.

Basic EPS is Rs.5.65 compared to Rs.6.89 in Q1 FY 12 (-18% QOQ); and Rs.6.25 in Q2 FY 12 (-9.6 YOY).

Annualised EPS will be around Rs.23.5.

Current Market Price is Rs.86.30 (52 week high price : Rs.159; 52 week low price : Rs.85.70)

On this Basis, current PE Ratio is 3.67. These market valuations are currently too low due to Market conditions. But, in a normal market, Andhra Bank certainly merits much higher than its 52 week high.

Andhra Bank has been bagging several awards in the Past as best Bank, best assets quality etc. It is therefore felt, it will perform much better in coming quarters.

FINANCIAL RESULTS

ANDHRA BANK 30-Sep-11 30-Jun-11 % Growth 30-Sep-10 % Growth Interest on Advances 229279 216487 5.91 156004.84 46.97 Income on Investments 47693 45257 5.38 37312.73 27.82 Income on Balances With RBI 1280 497 157.55 797.93 60.42 Others - 1182 #VALUE! - #VALUE! Interest Earned 278252 263423 5.63 194115.5 43.34 Other Income 17780 21695 -18.05 19117.03 -6.99 Total Income 296032 285118 3.83 213232.53 38.83 Interest Expended 183128 172385 6.23 115789.13 58.16 Employees Cost 27359 27307 0.19 26010.18 5.19 Other Operating Expenses 16866 15460 9.09 14977.71 12.61 Operating Expenses 44225 42767 3.41 40987.89 7.9 Total Expenditure 227353 215152 5.67 156777.02 45.02 Operating Profit 68679 69966 -1.84 56455.51 21.65 Provisions (Other than tax) & Contingencies 26067 17695 47.31 11958.11 117.99 Profit before tax 42612 52271 -18.48 44497.4 -4.24 Tax Expense 11000 13700 -19.71 14200 -22.54 Net Profit 31612 38571 -18.04 30297.4 4.34 Face Value(in Rs.) 10 10 0 10 0 Paid-up Equity Share Capital 55958 55958 0 48500 15.38 Capital Adequacy Ratio 12.72 12.29 3.5 12.19 4.35 Basic EPS 5.65 6.89 -18 6.25 -9.6  % of Gross/Net NPA 1.48 0.45 228.89 0.49 202.04 Return on Assets 1.15 1.43 -19.58 1.37 -16.06 Public Shareholding (%) 42 42 0 48.45 -13.31
* * * E N D   * * *

* * * E N D   * * *