Result Update

Andhra Bank The bank has reported a net profit of Rs.146.44 crore for the quarter ended September 2006, a growth of 10.19% compared to Rs.132.89 crore for same period last year. The gross NPA is reduced to 1.76% from 2.27%. The Net NPA is reduced to 0.10% from 0.26%. The total Business stood a Rs.56,113 crore registering a growth of 14.47% from Rs.49,021 crore in the corresponding quarter of previous fiscal. The advances improved by 23.22% to Rs.23,600 crore while deposits improved by 8.85% to Rs.32,513 crore. Explaining the slowdown in deposits growth, the bank said it has discouraged bulk deposits and focussed more on retail deposits to reduce cost of deposits and improve net interest margin. Corporation Bank The bank reported a net profit of Rs.127.01 crore for the second quarter of this fiscal reporting a growth of 20% compared to Rs.105.6 crore over same quarter of last fiscal. While the gross NPA stood at 2.16% the net NPA stood at 0.48% at the quarter end. The capital adequacy ratio stood at 13.32%. The total business rose to Rs.66,022 crore registering a growth of 32% compared to same quarter last fiscal. While deposits increased 27.74% to Rs.38,017 crore advances increased 38.46% to Rs.28,004 crore. The share of low cost deposits (Current and Savings Bank) account for 32% of total deposits.