Andhra Bank Q4 net profit up 110% at Rs 185 cr

Lower provisioning towards non-performing assets helped the lender during the quarte

Andhra Bank has reported a 110.3 per cent jump in net profit at Rs 185.24 crore for the quarter ended March 31 on the back of higher net interest margin(NIM) and the lower provisioning, as compared to Rs 88.08 crore a year earlier.

Total income grew 15.8 per cent at Rs 4,699.1 crore from Rs 4,057.8 crore in the year-ago period. Net profit was down 8.16 per cent compared with Rs 201.71 crore in the quarter ended December, 2014.

The bank achieved a NIM of 3.48 per cent, the highest ever, helped by a 33-basis point (bp) decrease in cost of deposits and a 67-bp increase in yield on advances, C V R Rajendhran, chairman and managing director said.

The percentage of gross NPAs rose marginally to 5.31 per cent in the fourth quarter from 5.29 per cent in the corresponding previous quarter. However, the net NPAs decreased marginally to 2.93 per cent from 3.11 per cent in the same quarter last year.

Andhra Bank has reported a net profit of Rs 638.44 crore for the full year ending March, 2015, an increase of 46.57 per cent as compared with Rs 435.58 crore in the previous year. The total income for the year grew 12 per cent at Rs 17,868.45 crore as compared with Rs 15,630.16 crore in the previous year.