Date:17/08/2006 URL: http://www.thehindu.com/2006/08/17/stories/2006081705571600.htm

Business

Andhra Bank, ICICI Bank lead in NPA cut: study

Special Correspondent

Improved assets quality contributed to impressive bottom-line

NEW DELHI: Andhra Bank led all other scheduled commercial banks (SCBs) in cleaning its balance sheet, as it reduced its non-performing assets (NPAs) by a huge 82 per cent and brought them to a negligible level of 0.07 per cent in June, 2006, from 0.38 per cent in the same month last year.

Among others, which put out an impressive performance in slashing their bad loans, were ICICI Bank — reducing NPA by 60 per cent, Corporation Bank ( 52.17 per cent) and Centurion BOP (51.87 per cent), according to an Assocham Eco Pulse (AEP) study.

Improvement in the quality of assets, as reflected in the significant reduction in the NPA, contributed mainly to an impressive bottom-line posted by the banks during April - June 2006-07.

Other banks with significant reduction in NPAs included Union Bank (49 per cent), Canara Bank (46 per cent), Bank of India (45 per cent), UTI Bank (39 per cent), Dena Bank (31 per cent), SBI (31 per cent), Vijaya Bank (12 per cent) and ING Vysya Bank (12 per cent).