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Business News/ Companies / Andhra Bank Q4 profit doubles to Rs185.2 crore
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Andhra Bank Q4 profit doubles to Rs185.2 crore

The profit comes on the back of strong net interest income and lower provisioning

Shares of Andhra Bank gained 1.47% to close at `76.05 on BSE, while the benchmark Sensex declined 0.95% to end 27,176.99 points. Photo: MintPremium
Shares of Andhra Bank gained 1.47% to close at `76.05 on BSE, while the benchmark Sensex declined 0.95% to end 27,176.99 points. Photo: Mint

Hyderabad: Public sector Andhra Bank on Monday said net profit for the fourth quarter more than doubled to 185.2 crore from 88.1 crore a year ago, driven by strong net interest income and lower provisioning.

Interest and non-interest income combined grew 15.8% to 4699.16 crore, compared to 4057.9 crore during the same period last year.

For the full year ended March, net profit rose 46.57% to 638.44 crore, while interest and non-interest income combined rose 14.32% to 17,868.45 crore.

Net interest income during the quarter grew 44.4% to 1,371.2 crore from 949.8 crore from the year-ago period.

Net interest income is the difference between interest earned and interest paid.

Provisions during the quarter fell 11% to 633 crore and provisions towards non-performing assets dropped 25.9% to 494 crore with the provision coverage ratio at 58.93% as of March.

The gross non-performing assets (NPA) stood at 5.31% or 6,876.54 crore in the fourth quarter compared to 5.29% or 5,857.6 crore in the same quarter last year.

Net NPAs dropped 18 basis points to 2.93% in the three-month period.

Other income jumped 30% year-on-year to 437.40 crore.

Retail loans like home loans, car loans and gold loans helped Andhra Bank post overall credit growth of 17.1%, despite muted growth in agriculture loans.

Andhra Bank said it is planning to raise around 3,000 crore in tier 1 and tier 2 capital through issue of bonds in the current financial year.

Shares of Andhra Bank gained 1.47% to close at 76.05 on BSE, while the benchmark Sensex declined 0.95% to end 27,176.99 points.

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Published: 27 Apr 2015, 10:28 PM IST
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