Andhra Bank profit soars 70%

Written by fe Bureaus | Updated: Oct 30 2009, 05:28am hrs
Andhra Bank has reported a 70% growth in its net profit to Rs 273.97 crore during the quarter ended September 2009 from Rs 161.53 crore recorded in the year-ago period. Operating profit during the period stood at Rs 452.80 crore as against Rs 278.42 crore. Interest earned during the period was at Rs 1,557.72 crore (Rs 1,328.13 crore). Total business of the bank has improved to Rs 1,10,460 crore with total deposits of Rs 62,279 crore and gross advances of Rs 48,182 crore. The credit deposit ratio has also improved during the period to 77.7% from 72.28%. The key drivers for growth in the advances have come in the form of gold, housing and education loans.