Deposits stood at Rs 8,478 crore (Rs 8,691 crore) with advances at Rs 4,233 crore (Rs 4,179 crore). Inclusive of investments in non-convertible debentures, advances stood at Rs 6,230 crore (Rs 5,790 crore).

Net-interest income stood was up by 14 per cent to Rs 494.50 crore (Rs 435 crore), while non-interest income rose by 10 per cent to Rs 294.40 crore (Rs 268.60 crore) driven mainly due to a 16 per cent growth in fee-income largely from the personal financial services (PFS) business. Net income went higher by 12 per cent to Rs 788.90 crore (Rs 703.60 crore). Total costs went a shade higher by 2 per cent to Rs 334.40 crore (Rs 328.40 crore).

Gross non-performing assets (NPAs) came down to 3.1 per cent (3.4 per cent) with the net-NPA figure improving to 0.03 per cent (0.26 per cent). The capital adequacy ratio was higher at 10.09 per cent (9 per cent).

Said ANZ Grindlays Bank country-head (India), Anuroop `Tony' Singh: "The significant progress in terms of our improved financial performance and successful implementations of our business plan were built around the following strategic objectives - rebuilding the PFS business from the foundations and positioning it as a integrated services provider; raising the bar in corporate financial services (CFS); and by aggressively re-engineering to improve unit costs". He reiterated that "the bank has invested substantially in major upgrade of its systems and technology" during the period.

ANZ Grindlays claimed that its PFS business posted a 20 per cent increase in revenues. "Significant service improvements such as extended banking hours, 365-day banking and 24-hour manned branches in three cities and several new product launches including the `Global Card', the Star-TV co-branded card, and off-site ATMs at BPCL outlets have helped ANZ Grindlays to acquire over 1,20,000 new customers till March'2000 and there has been a visible rejuvenation of the Grindlays Bank image", Singh noted.

On the corporate banking side, ANZ Grindlays said it had improved the risk profile; increased the leverage in areas like trade finance, cash management and liabilities; and succeeded in penetrating existing customers to gain a higher share of the wallet.

The bank also executed the following deals: privatisation of Modern Foods by way of a strategic sale to Hindustan Lever; partial disinvestment in Indian Airlines; asset-backed financing for Jet Airways; and acquisition financing for Asia Today, a Zee TV concern.