Andhra Bank net rises 110% on interest income

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Hyderabad | Published: April 28, 2015 2:56:55 AM

Andhra Bank on Monday reported a 110% jump in net profit at Rs 185.24 crore in the March quarter driven by a strong net interest income...

Andhra Bank on Monday reported a 110% jump in net profit at Rs 185.24 crore in the March quarter driven by a strong net interest income and a lower provisioning towards NPAs. Total income grew 15.8% at R4,699 crore from R4,057.89 crore in the year ago period on a better asset quality.

For the year ended March, the bank reported a net profit of R638.44 crore, an increase of 46.3% against R436 crore last year. The total income for the year grew 14.3% at R17,868.45 crore against R15,630.16 crore in the previous year. The net interest income grew 44.4% to R1,371.2 crore from R949.8 crore last year.

The percentage of gross NPAs rose marginally to 5.31% in the fourth quarter from 5.29% in the corresponding previous quarter. However, net NPAs fell marginally to 2.93% from 3.11% in the same quarter last year. In FY15, the bank could recover R2,405 crore compared with R689 crore recovered during FY14.

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