Andhra Bank drops after weak Q1 numbers

Andhra Bank fell 1.73% to Rs 99.25 at 13:47 IST on BSE after net profit fell 6.19% to Rs 361.83 crore on 17.74% growth in total income to Rs 3357.22 crore in Q1 June 2012 over Q1 June 2011.

The public sector bank announced the results during trading hours today, 6 August 2012.

Meanwhile, the BSE Sensex was up 197.30 points or 1.15% to 17,395.23.

On BSE, 2.87 lakh shares were traded in the counter as against average daily volume of lakh 72,634 shares in the past one quarter.

The stock hit a high of Rs 104.80 and a low of Rs 97.75 so far during the day. The stock had hit a 52-week low of Rs 79 on 29 December 2011. The stock had hit a 52-week high of Rs 138.50 on 13 March 2012.

The stock had underperformed the market over the past one month till 3 August 2012, tumbling 14.91% compared with the Sensex's 1.31% fall. The scrip had also underperformed the market in past one quarter, falling 12.89% as against Sensex's 0.27% rise.

The mid-cap public sector bank has an equity capital of Rs 559.58 crore. Face value per share is Rs 10.

Andhra Bank's Capital Adequacy Ratio (CAR) (as per Basel II norms) stood at 12.68% as on 30 June 2012, lower than 13.18% as on 31 March 2012 and 13.23% as on 30 June 2011. The bank's gross non-performing assets (NPA) ratio stood at 2.72% of gross advances as on 30 June 2012, higher than 2.12% as on 31 March 2012 and 1.55% as on 30 June 2011. The net NPA ratio stood at 1.52% of net advances as on 30 June 2012, higher than 0.91% as on 31 March 2012 and 0.45% as on 30 June 2011.

Andhra Bank's provisions and contingencies rose 16.73% to Rs 206.56 crore in Q1 June 2012 over Q1 June 2011. The provision coverage ratio stood at 60.38% as on 30 June 2012.

The Government of India (GoI) holds 58% stake in Andhra Bank (as per the shareholding pattern as on 30 June 2012).

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