Andhra Bank Housing Finance: rating reaffirmed

The FA rating assigned to the fixed deposit programme of Andhra Bank Housing Finance (ABHF) has been reaffirmed. The reaffirmation reflects the steady improvement in financial performance of ABHF and parentage of the company. Offsetting these factors are the moderate capital adequacy, asset-liability mismatch and increasing competition in the housing finance industry.

ABHF, which is primarily in the business of providing housing finance to individuals, has completed ten full fiscal years of operations as of March 2001. Its lending portfolio is concentrated with 79 per cent of loans outstanding originating from Andhra Pradesh. As of March 2001, cumulative sanctions and disbursements stood at Rs. 400 crores and Rs. 351 crores, respectively. For the year ended March 2001, the company reported a total income of Rs. 40.19 crores and a profit after tax of Rs. 6.15 crores.

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Section  : Business
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