Mumbai, June 8: ANZ Grindlays Bank net profit has risen to Rs 230 crore in 1997-98, compared with Rs 94.3 crore in the previous fiscal. The bank's net profit is, however, exclusive of the funding cost of the disputed amount with the National Housing Bank (NHB) and the restructuring costs incurred last year, the bank said in a release.The bank will infuse fresh capital to strengthen its capital adequacy ratio, which currently stands at 9.05 per cent, but is an improvement from the 1996-97 figure of 8.98 per cent.
A senior bank official said, "Talks are on for infusion of fresh capital... various options for the doing the same are being examined. We are also looking at a subordinated bond issue."
The bank's capital base now stands at Rs 85.15 crore.
Core operating costs have been contained at 16 per cent and ANZ Grindlays' underlying cost-to-income ratio improved to 38 per cent, an increase of 3 per cent.
Non-performing assets as a percentage of total advances stood higher at 0.51 per cent, comparedwith the preceding fiscal's 0.28 per cent.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
