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2009-10-29

SMEs fuel Andhra Bank’s Growth

Owing to the growth in credit to small and medium enterprises (SME) and retail sectors and a decline in cost of deposits, Andhra Bank reported a 69 per cent rise in net profit to Rs 274 crore for the

Owing to the growth in credit to small and medium enterprises (SME) and retail sectors and a decline in cost of deposits, Andhra Bank reported a 69 per cent rise in net profit to Rs 274 crore for the quarter ended September 30. The bank’s net profit in the same period last year was Rs 162 crore.

 

The bank had seen a 52 per cent growth in credit to the SME sector and a 34.7 per cent growth in credit to the retail sector, because of better returns on advances. SME and retail segments accounted for 14 per cent and 15 per cent, respectively, of the bank's total income.

 

This was also facilitated by rolling over of high-cost deposits. Fee-based income rose to Rs 15.55 crore from Rs 9.55 crore in the same period last year.

 

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