ANDBK by factica

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									                                                                                              Regd off: Dr. Pattabhi Bhavan, 5-9-11, Saifabad, Hyderabad - 500 004
ANDHRA BANK                                                                                   E-Mail:    mbd@andhrabank.co.in
                                                                                              Web site: www.andhrabank.in
                                                                                              Telephone: (040) 2325 2000 Fax: (040) 2323 0883
BANKING                                                                   GOVERNMENT          Tr agent: MCS, Kashiram Jamnadas Bldg,No. 21/22, P.D Mello Rd.,Mumbai-9
Chairman: R. S. Reddy                                                           SEC: T. R. Ramabhadran                                  AUD: V. K. Surana & Co.
Yr of Inc   B. Code      BL. Code      F.V.         Price        % ch 1-m       % ch 12-m       P/E      P/CF            Yield         Mkt cap                Vol.             ISIN
 1923   532418           ANDB:IN       10            89.4          -1.0            56.2         4.8          6.6          5.0          43,334.8               64.6        INE434A01013
SHAREHOLDING                                                      FX Transaction (FY09)                              ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 51.6%                Exports (fob)          Rs m        0                (Rs)
Foreign collaborators      :   0.0%               Imports (cif)          Rs m        0
Indian inst/Mut Fund       : 16.5%                Fx inflow              Rs m        0          160
FIIs/GDR                   : 14.6%                Fx outflow             Rs m        0                                                                         DAILY
Free float                 : 17.3%                Net fx                 Rs m        0
Shareholders               : 215,620                                                                                                                           100 DMA
                                                                                                120
                           No. of months                   12            12            12
                             Year ending             31/03/07      31/03/08      31/03/09
EQUITY SHARE DATA
                                                                                                 80
High                                   Rs                  99            128             88
Low                                    Rs                  55              68            35
Income per share                       Rs                68.4           86.8         110.8
Earnings per share                     Rs                11.1           12.0          13.5       40
Cash flow per share                    Rs                32.5           34.9          33.3
Dividends per share                    Rs                3.80           4.00          4.50
Avg Dividend yield                     %                  4.9            4.1           7.3
                                                                                                  0
Book value per share                   Rs                65.1           67.2          75.5
Shares outstanding (eoy)               m              485.00         485.00        485.00         Aug-06             Jun-07            Feb-08            Nov-08                Aug-09
Bonus/Rights/Conversions                                     -              -             -
Avg Price / Income ratio               x                   1.1            1.1           0.6                               No. of months                 12            12             12
Avg P/E ratio                          x                   6.9            8.2           4.5                                 Year ending           31/03/07      31/03/08       31/03/09
                                                                                               CASH FLOW
Avg P/CF ratio                         x                   5.4            6.6           2.9
Avg Price/Bookvalue ratio              x                  1.2             1.5           0.8    From Operations                         Rs   m      -5,729            13,801      -5,278
Dividend payout                        %                 34.1           33.3          33.3     From Investments                        Rs   m        -550              -882      -1,973
Avg Mkt Cap                            Rs m            37,345         47,530        29,828     From Financial Activity                 Rs   m      -4,873             3,783       3,182
No. of employees                       `000                14             14            15     Net Cashflow                            Rs   m    -541,152            16,702      -4,068
Total wages & salary                   Rs m             5,489          5,094         6,241
Avg. income/employee                   Rs Th          2,397.0        2,938.2       3,468.4                                       INTERIM RESULTS
Avg. wages/employee                    Rs Th            396.9          355.6         402.7                                           2QFY09  3QFY09              4QFY09         1QFY10
Avg. net profit/employee               Rs Th            390.2          406.8         423.4     Operating income            Rs    m    13,281  13,824              15,067         15,046
                                                                                               Gross Profit                Rs    m     4,335   4,519               3,953          4,413
INCOME DATA                                                                                    Gross profit margin         %            32.6     32.7               26.2           29.3
Interest income                        Rs     m        33,153        42,096        53,746      Net profit                  Rs    m     1,615   2,127               2,012          2,562
Other income                           Rs     m         4,468         6,306         7,654      Net profit margin           %            12.2     15.4               13.4           17.0
Interest expense                       Rs     m        18,976        28,694        37,467
Net interest income                    Rs     m        14,177        13,402        16,279                                            KEY DATA
Operating expense                      Rs     m         9,335         9,092        11,044      Parameters                          Unit              FY07             FY08        FY09
Gross profit                           Rs     m         4,842         4,310         5,235      Branches                            nos.              1,289            1,366       1,432
Gross profit margin                    %                 14.6          10.2            9.7     Employees                           nos.             13,831           14,442      16,135
Provisions/contingencies               Rs     m         1,462         1,399         3,901      Business / branch                   Rs m                541              613         724
Profit before tax                      Rs     m         7,867         9,248         9,011      Profit / employee                   Rs m                 0.4              0.4         0.4
Extraordinary Inc (Exp)                Rs     m             0             0              0     NIM                                 %                    3.2              3.0         3.0
Minority Interest                      Rs     m             0             0              0
                                                                                                                                      NOTES
Prior Period Items                     Rs     m             0             0              0
Tax                                    Rs     m         2,470         3,420         2,450     Established in 1923, Andhra Bank had 1.5% share of the total non-food credit and
Profit after tax                       Rs     m         5,397         5,828         6,561     1.7% share of the total deposits in the banking sector in FY09. The bank has national
                                                                                              presence through 1,432 branches and 656 ATMs, with an employee base of
Net profit margin                      %                 16.3          13.8          12.2
                                                                                              approximately 16,000. Nearly 55% of the bank's branches are located in the rural and
BALANCE SHEET DATA                                                                            semi urban areas of the country. After being a laggard in terms of asset growth in the
                                                                                              initial years of the decade, Andhra Bank has caught up with its peers in the banking
Advances                               Rs     m      278,891        342,384       441,393     space over the last two fiscals. 100% of the bank's business was under core banking
Deposits                               Rs     m      414,514        494,262       593,789     solution (CBS) by the end of FY09.
Credit/Deposit ratio                   x                67.3           69.3          74.3
Yield on advances                      %                 8.3             9.3           9.5    Large corporate assets (grew by 76% YoY) helped the bank grow its advance
Cost of deposits                       %                  4.4            6.4           7.1    portfolio by 29% YoY in FY09. Low cost deposits (CASA) comprised 31% of the
Net Interest Margin                    %                  3.2            3.0           3.0    bank's total deposits in FY09 as against 34% in FY08. Nevertheless, due to better
Net fixed assets                       Rs     m        1,924          2,195         3,353     pricing Andhra Bank sustained its NIMs at 3% in FY09. The bank's other income also
Share capital                          Rs     m        4,850          4,850         4,850     grew by 22% YoY in FY09. Fee income, however, comprised only 10% of total other
Free reserves                          Rs     m       17,237         16,794        18,081     income of the bank. The bank had one of the best asset quality amongst PSU banks
                                                                                              with net NPA ratio of 0.2% (0.1% in FY08) at the end of FY09. Andhra Bank has been
Net worth                              Rs     m       31,590         32,592        36,599
                                                                                              able to reduce its cost to income ratio from 50% in FY07 to 46% in FY09 bringing it
Borrowings                             Rs     m        7,335          5,905        13,112
                                                                                              at par with that of its peers. With return on assets (RoA) of 1.0%, the bank has one
Investments                            Rs     m      143,233        149,230       169,382     of the best return ratios in the sector.
Total assets                           Rs     m      475,774        566,281       685,072
Debt/equity ratio                      x                13.4           15.3          16.6     Going forward, Andhra Bank plans to adopt aggressive strategy for launching
Return on assets                       %                  1.1            1.0           1.0    internet-based non-fund products. The bank is also targeting to increase the share of
Return on equity                       %                17.1           17.9          17.9     CASA to total deposits to 40% and diversify its advance base to ensure better net
Capital adequacy ratio                 %                11.3           11.6          13.2     interest margins (NIMs). Its CAR of 13.2% is sufficient to accommodate future growth
Net NPAs                               %                  0.2            0.2           0.2    in balance sheet.



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