Andhra Bank Q1 profit rises 14% to Rs40 crore
Andhra bank clocked a net profit of Rs31.09 crore in the first quarter of the previous fiscal
New Delhi: Public sector lender Andhra Bank on Friday posted a 14% rise in net profit at Rs40.42 crore for the first quarter ended June even as bad loans increased.
The bank clocked a net profit of Rs 31.09 crore in the same quarter of the previous fiscal.
Total income during the quarter increased to Rs5,155.21 crore, from Rs4,855.50 crore in the year-ago period, Andhra Bank said in a regulatory filing to the stock exchanges.
On asset quality, the bank’s gross non-performing assets (NPAs) deteriorated to 13.22% of gross advances as on June 2017, up 10.30% a year ago.
Net NPAs were at 8.09% of net advances, as against 6.21% a year ago.
As a result, provisions for bad loans and contingencies were increased to Rs1,301.11 crore in the reported quarter from Rs943.77 crore in the same period a year ago.
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