Business

Andhra Bank to pay 14 p.c.

Andhra Bank has reported a 67 per cent rise in its net profit at Rs. 202.27 crores during 2001-02 against Rs. 121.19 crores in 2000-01. The bank declared a dividend of 14 per cent.

Enthused by the impressive results, the bank has set a target of Rs. 32,500 crore business (deposit and advances) this fiscal as compared to Rs. 28,472 crores in 2001-02, the bank chairman, B. Vasanthan, told reporters. He said the bank expected its deposits to grow at over 10 per cent to Rs. 20,000 crores this fiscal from Rs. 18,491 crores in 2001-02 while advances were slated to increase to Rs. 12,500 crores from Rs. 9,981 crores.

The bank's capital adequacy ratio stood at 12.59 per cent, much above the RBI stipulated 9 per cent. The bank also reduced its net non-performing assets to advances (NPA) ratio to 2.45 per cent from 2.95 per cent.

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