Andhra bank Q3 net down 8.38% at Rs 303 cr

Andhra bank Q3 net down 8.38%
Public sector lender, Andhra bank yesterday reported a dip of 8.38 per cent in its net profit for the third quarter ending December 31, 2012 at Rs 303.17 crore on account of higher provisioning towards non-performing assets (NPAs). The provisons (other than tax) and contigencies during the quarter has increased to Rs 309.43 crore from Rs171.70 crore.

“The provisions have mainly gone up because of the restructured accounts. Major sector for which we have made provisions is telecom... It is for the entire banking industry. Even other banks also made substantial provisioning for telecom tower accounts," said Andhra Bank Chairman and Managing Director BA Prabhakar.

Net NPAs for the quarter were recorded at 1.21 per cent as against 0.47 per cent over the same period last year.

The bank had posted a net profit of Rs 330.91 crore in the October-December quarter last year, bank's name said in a filing to the Bombay Stock Exchange on February 2, 2012.

Besides, the bank's total income increased by 36.1 per cent to Rs 3,158.26 crore in Q3, 2011-12, as compared to Rs 2,320.20 crore in Q3, 2010-11.

Read more about: andhra bank, revenue
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