Andhra Bank Q1 profit rises over 30 pc at Rs 40 cr

Public sector lender Andhra Bank today posted over 30 per cent rise in net profit at Rs 40 crore for the first quarter ended June even as bad loans increased.
The bank had registered net profit of Rs 31 crore in the corresponding quarter last year.
The total income for the quarter under discussion was up by 6.18 per cent to Rs 5,155 crore and the same was reported as Rs 4,855 crore during the first quarter of FY 17, the bank said in a statement.
The Net Interest margin ( NIN) stood at 3.12 per cent in Q1 against 2.90 per cent in Q1 of FY 17.

The Gross NPA of the bank stood at Rs 9428 crore (GNPA ratio 13.33 per cent) for June 2017 as compared to Rs 14137 crore (GNPA ratio 10.30 per cent) for June 2016 while the net NPA of the Bank stood at Rs 11,120 crore (NNPA ratio 8.09 per cent) for June 2017 as compared to Rs 8,147 crore (NNPA 6.21 per cent) for June 2016, it said.
Andhra bank provided Rs 1329 crore as provisions and contingencies for the April-June quarter in the current fiscal against Rs 969 crore for the same quarter last fiscal.
Total deposits grew by 5.61 per cent in the first quarter to Rs 1,88,272 crore against Rs 1,78,268 crore in the Q1 of FY 17 while advances grew by 6.25 per cent to Rs 145801 crore against Rs 137228 crore in the same quarter a year ago.

Shares of Andhra bank closed at Rs 56.05 apiece up 1.91 per cent when compared to the previous close on BSE.