Andhra Bank Q4 net flat at Rs 138.8 crore

CORPORATE SCORECARD

Andhra Bank's net profit for the quarter ended March 31, 2007, recorded almost zero growth at Rs 138.77 crore on a total income of Rs 1,108.33 crore, which grew 30.35 per cent compared with Rs 850.21 crore in the corresponding previous quarter.

While operating expenses for the quarter under review witnessed a slight decline at Rs 230.53 crore from Rs 248.76 crore in the corresponding previous quarter, interest payments grew 40 per cent to touch Rs 582.01 crore.

However, the net profit for the whole year ended March 31, 2007, was up 10.79 per cent at Rs 537.90 crore compared with Rs 485.50 crore in the previous financial year. Total income increased 20.11 per cent at Rs 3,762 crore during the year (Rs 2,674.37 crore).

Attributing the stagnation in net profit for the fourth quarter to the rise in expenditure besides other provisionings including Rs 75 crore towards tax, K Ramakrishnan, chairman & managing director of Andhra Bank, said the bank's overall performance stood on strong fundamentals in terms of growth in operating profits, in interest income, and lower NPA levels among others for the year 2006-07.