Andhra Bank Q2 Net Up 293%
Andhra Bank has posted a 293 per cent rise in net profit at Rs 19.62 crore for the quarter ended September as against Rs 4.99 crore registered during the corresponding period last fiscal.
Total income, including other income, went up to Rs 571 crore from Rs 492 crore. Other income was higher at Rs 63.69 crore compared with Rs 38.24 crore during the corresponding period last fiscal. The bank provided Rs 15 crore for taxes against Rs 4 crore in the second quarter of the last fiscal.
For the first half, the bank had declared a profit of Rs 86.04 crore as against Rs 63.78 crore in the first half of last fiscal. Total income rose 16 per cent to Rs 1,146 crore from Rs 985 crore.
Operating expenses went up to Rs 221 crore in the first half against Rs 190.7 crore. This included Rs 25.84 crore of deferred revenue expenditure and leave encashment paid to the VRS employees.
The bank posted a net profit of Rs 121.19 crore on a total income of Rs 2079.67 crore. After the initial public offer (IPO) made in the last fiscal, the bank's paid-up capital increased to Rs 450 crore from Rs 347.95 crore, helping it enhance its capital adequacy to 13.4 per cent.