**[investwise]** Andhra Bank-Stellar FY10 Performance; Cum-Dividend Rs 5/-share till June 3, 2010

 

ANDHRA  BANK   POSTS  NET   PROFIT  OVER  Rs.1,000 Crore   Andhra  Bank  has  registered  a  Net  Profit  in  excess of  Rs.1,000 Crore and  an Operating  Profit  of  Rs.1,810 crore during the year ended March 31,2010.   Describing it as  a significant milestone, Sri R S Reddy,  Chairman & Managing Director said  the  Bank  achieved  a  net  profit  of  Rs.1,046 Crore, a 60%  increase over  Rs.653 Crore registered during  2008-09.  This  was  possible because  of the bank's decision to effect  a  change in the business mix and focus more on retail, MSME and Agriculture Sectors that paid rich dividends.  The  bank's  strategy to maintain a  judicious mix of  segments instead of  just  banking on the corporate segment  had  paid off.   Ø      Net  Profit has  crossed  Rs.1,000 Crore mark for the first  time Ø      CAR stood at  13.93%  of  which Tier I Capital amounts to 8.18% and other Tier II Capital  to 5.75% Ø      The  bank  has  recommended  a dividend of  50 per cent Ø      Andhra Bank will  set  up  a banking company in Malaysia in joint venture with  Bank of  Baroda  in the next  six months. Ø      The bank expects  25-27 % growth in credit this fiscal     ANDHRA  BANK  FY10  STATISTICS       ( Amount in Crore) Parameter 2009-10 2008-09 % Change Total Business 1,34,194 1,03,818 29.24 Net Profit      1,046         653    60.51 Net Interest Income      2,195      1,627 35.00 Net Interest Margin        3.21% 3.03%     Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.   Nothing in this article is, or should be construed as, investment advice.

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