Government owned Andhra Bank has reported a net profit of Rs 345 crores for the quarter ending March 31, 2013. The net profits in the previous quarter ending December 31, 2012 was Rs 257 crores.
The net non performing assets for the Bank were placed higher at 2.45 per cent, against 2.29 per cent in the previous quarter.
The board of directors of the company have recommended a dividend of Rs 5 per share. The share price of the company was trading at Rs 93, 2 per cent higher on the Bombay Stock Exchange. The government owns 58 per cent in Andhra Bank.