Andhra Bank net jumps 2-fold at Rs 144 crore in Jul-Sept qtr

Public sector Andhra Bank's net profit more than doubled to Rs 144.49 crore in the second quarter ended September 31, 2014-15 on higher income from retail banking operations.

Its net profit in the July-September quarter of 2013-14 was at Rs 70.65 crore.

"Total income has increased from Rs 3,817.57 crore for the quarter ended September 30, 2013 to Rs 4,423.62 crore for the quarter ended September 30, 2014," it said in a filing to the BSE today.

Bank made income of Rs 1,569.98 crore from retail operations during the second quarter, up from Rs 937.42 crore a year ago.

Also, the provisions towards bad loans and contingencies came down to Rs 491.49 crore in Q2FY15 versus Rs 502.19 crore in the same quarter FY14.

The gross non-performing assets (NPAs) or bad loans of the banks were up at 5.99% of the total advances during the quarter under review, from 5.15% year earlier.

Net NPAs stood at 3.86% in the second quarter of current fiscal, up from 3.54% in the same quarter year ago.

Andhra Bank shares were trading 5.61% higher at Rs 80.90 apiece on the BSE post noon.