Andhra Bank net down 85% at Rs 31 cr

By: |
Hyderabad | Published: August 7, 2016 6:13:31 AM

Andhra Bank has reported a steep fall in net profit by 84.6% at Rs 31.09 crore in the first quarter ended June 30

Andhra Bank has reported a steep fall in net profit by 84.6% at Rs 31.09 crore in the first quarter ended June 30, 2016 as against Rs 202 crore in the corresponding quarter of previous financial year on account of rise in non-performing assets (NPAs) and higher provisions. Total income grew by 7.2% at Rs 4,855 crore compared to R4,529.23 crore in the year ago period while net interest income increased 9.7% at Rs 1,269 crore. The provision coverage ratio of the bank stood at Rs 51.87% at Rs 969 crore as compared to 61.33% in June 2015.

However, the total business grew by 13% from R2,79,226 crore to R3,15,496 crore while the total deposits grew by 16.2%.

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