Andhra Bank slides to 52-week low after poor Q1 outcome

Andhra Bank lost 7.18% to Rs 64 at 12:05 IST on BSE after net profit dropped 36.08% to Rs 231.28 crore on 14.8% rise in total income to Rs 3854.16 crore in Q1 June 2013 over Q1 June 2012.

The result was announced during market hours today, 31 July 2013.

Meanwhile, the S&P BSE Sensex was down 130.31 points, or 0.67%, to 19,218.03

On BSE, 3.37 lakh shares were traded in the counter as against an average daily volume of 1.59 lakh shares in the past one quarter.

The stock hit a 52-week low of Rs 62.85 in intraday trade today, 31 July 2013. The stock hit a high of Rs 68.95 so far during the day. The stock had hit a 52-week high of Rs 130 on 8 January 2013.

The stock had underperformed the market over the past one month till 30 July 2013, falling 15.81% compared with the Sensex's 0.24% fall. The scrip had also underperformed the market in past one quarter, sliding 24.4% as against Sensex's 0.80% fall.

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

Andhra Bank's ratio of net non-performing assets (NPA) increased to 3.27% as on 30 June 2013, from 2.45% as on 31 March 2013 and 1.52% as on 30 June 2012. The ratio of gross NPA to gross advances increased to 4.73% as on 30 June 2013, from 3.71% as on 31 March 2013 and 2.72% as on 30 June 2012.

The bank's provisions (other than tax) and contingencies surged 86.35% to Rs 384.90 crore in Q1 June 2013 over Q1 June 2012.

Andhra Bank's capital adequacy ratio (CAR) as per Basel II norms stood at 11.46% as on 30 June 2013, as against 11.76% as on 31 March 2013 and 12.68% as on 30 June 2012.

The Government of India (GoI) holds 58% stake in Andhra Bank (as on 30 June 2013).

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