Andhra Bank net up, Dhanlaxmi nosedives

Written by fe Bureaus | Agencies | Hyderabad/ Mumbai | Updated: Jan 27 2010, 03:14am hrs
Andhra Bank has reported a net profit of Rs 275.39 crore during the quarter ended December 31, 2009, as against Rs 212.69 crore in the same period previous year. Operating profit for the quarter grew 29.2% to Rs 482 crore from the year-ago Rs 373 crore.

Total income of the bank improved 14.73% to Rs 1,827 crore from Rs 1,592 crore.Total business grew to Rs 1,17,899 crore, with total deposits of Rs 66,547 crore, and advances of Rs 51,352 crore.

The capital adequacy ratio under Basel II norms is at 14.95% and net non performing assets as a percentage of net advances was at 0.17%.

The bank has enhanced the provision cover to 91.07% during the October- December quarter from 76.71% in the corresponding period last fiscal. The bank has made extra provision of Rs 17.5 crore up to December 2009 for increase in employee salary and pension payments.

Dhanlaxmi Bank net dips

Dhanlaxmi Bank Ltd reported 92% plunge in its net profit during October- December quarter despite a rise in total income, as profits were hurt by higher operating costs during the quarter.

The banks net profit nosedived to Rs 1.32 crore during the quarter from the year-ago Rs 16.9 crore, but total income rose to Rs 156 crore from Rs 124 crore earlier.

It was mainly the operating expenses, which impacted the quarter, said Abhishek Nalwaya, head of investor relations, adding the bank had incurred about Rs 53 crore in operating expenses.

In October-December quarter, the bank incurred about Rs 30.1 crore in employee costs as it added 650 employees in the quarter taking its total headcount to 2,800 employees, Nalwaya said.

LIC HF profit soars 15%

LIC Housing Finance on Monday posted a 15% jump in its net profit at Rs 153.57 crore in the third quarter ended December 31, 2009. LICHFs net profit in the corresponding quarter last year was Rs 134.33-crore, the company said in a filing to Bombay Stock Exchange.

Also, LICHFs total income increased by around 15% to Rs 880.46 crore during the qquarter from Rs 766.68 crore recorded in the year-ago period.