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Andhra Bank Q1 net up 89%; asset quality improves

By Religare
|

State-run lender Andhra Bank has reported that its net profit for the first quarter ended June 30, 2015 soared 89 per cent at Rs 202.5 crore from the same period a year ago as net interest income rose while asset quality improved.

In Q1 FY 2014-15, the public sector bank posted a net profit of Rs 107 crore, Andhra Bank said in a filing to the Bombay Stock Exchange (BSE).

 

Net Interest Income climbed 44 per cent at Rs 1,157 crore in Q1 FY 2015-16 from Rs 804 crore in the same period a year ago.

Other income, however, fell 20 per cent at Rs 314 crore in Q1 FY 2015-16 from Rs 395 crore in the same period a year ago.

Total income climbed 8 per cent at Rs 4,529 crore in Q1 FY 2015-16 from Rs 4,205 crore in the same period a year ago.

Provisions towards Non-Performing Assets (NPAs) climbed 44 per cent at Rs 518 crore in Q1 FY 2015-16 from Rs 359 crore in the same period a year ago.

The percentage of Gross NPAs fell to 5.75 per cent at the end of the June 30, 2015 quarter from 5.98 per cent a year ago while the percentage of Net NPAs declined to 2.99 per cent from 3.89 per cent.

Story first published: Monday, July 27, 2015, 12:40 [IST]
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