HYDERABAD: Hyderabad-headquartered Andhra Bank has registered a net profit of Rs 320.41 crore for the first quarter of the 2010-11 fiscal, with total business touching Rs 1,31,844 crore, Chairman and Managing Director R S Reddy said today.
Net profit surged by 25.05 per cent, while the business grew by 24.59 per cent vis-a-vis the corresponding period of the previous fiscal, R S Reddy said at a press conference here to announce the lender's Q1 results today.
Total income of the PSU lender rose to Rs 2,073.23 crore during the April-June quarter, from Rs 1,742.70 crore in the same period previous fiscal.
Operating profit for Q1 stood at Rs 510.40 crore, up from Rs 348 crore in the corresponding period of the previous year.
"The core operating, excluding the profit on securities, increased by 111 per cent to touch Rs 462.76 crore. Our deposits reached Rs 74,700 crore, with a year-on-year growth of 22.64 per cent from Rs 60,911 crore in June, 2009," the CMD said.
Similarly, the bank's advances rose to Rs 57,144 crore in April-June, 2010, from Rs 44,911 crore in the same period last year.
"Andhra Bank's credit-deposit ratio improved to 76.86 per cent in June, 2010, as against 74.04 per cent last year," Reddy added.
"We are above the industry level in all parameters of growth," the CMD said.
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