The Netherlands-based ABN Amro Bank has reported a 72 per cent fall in net profit at Rs 33 crore from its Indian operations for the year ended March 31, 2001.
The bank has attributed the steep drop to additional income tax provision owing to a change in the rate of tax applicable in the previous years.
By virtue of the retrospective amendment to Section 90 of the Income Tax Act, 1961, ABN Amro has charged to the profit and loss an I-T provision for the earlier years amounting to Rs 75 crore as an extra-ordinary item.
However, the bank has reported a 28 per cent rise in operating profit at Rs 296 crore in the year ended March 31, 2001. It logged a gross revenue of Rs 1037 crore, up by 42 per cent. Net interest income rose by 37 per cent to Rs 331 crore.
The bank's deposits showed a healthy growth of 35 per cent to Rs 4,610 crore, while advances grew 8 per cent to Rs 4,236 crore.
Total assets grew by 12 per cent to Rs 8,431 crore as of March 31, 2001. The capital adequacy ratio has increased from 10.09 per cent as of fiscal 2000 to 11.41 per cent as of fiscal 2001.
