ABN AMRO net up 33 per cent
By Our Banking Bureau | 14 Jul 2004
Net interest income increased 22.7 per cent to Rs 449 crore (Rs 366 crore), other income, fuelled by sale of third-party products and forex instruments, was up by almost 50 per cent to Rs 379 crore (Rs 253 crore).
Total income increased to Rs 1,140 crore (Rs 995 crore) and total expenditure was at Rs 946 crore (Rs 849 crore).
The bank's advances increased by 23 per cent to Rs 6,696 crore (Rs 5,443 crore) and deposits moved up 16 per cent to Rs 5,856 crore (Rs 5,022 crore).
Half the bank's assets are retail and the break up is expected to stabilise at 65:35 in favour of retail as against corporate, said Romesh Sobti, executive vice-president & country representative.
The deposits are largely low-cost with 75 per cent of it being current and savings accounts. The bank has one of the lowest cost of funds in the industry with it being 1.95 per cent (2.62 per cent). The net interest margin of the bank increased to 4.91 per cent (3.44 per cent). Net NPA as a percentage of net assets stood at 0.88 per cent (1.59 per cent). Capital adequacy ratio increased to 13.48 per cent (12.57 per cent) with profit retention in the country.
