Andhra Bank Q3 net jumps 65% at Rs 56.70 cr

Public sector Andhra Bank today reported 65 per cent jump in net profit to Rs 56.70 crore for December quarter of the current fiscal on higher treasury income even as bad loans rose substantially.
It had made net profit of Rs 34.46 crore in the October- December quarter of last fiscal, 2015-16.
"Total income has increased to Rs 5,012.86 crore for the quarter ended December from Rs 4,801.40 crore for the same of the previous fiscal," the bank said in a regulatory filing.
It had further slippages during the quarter as gross non-performing assets (NPAs) or bad loans grew to 11.88 per cent of gross advances, up from 7 per cent in the year-ago period.

Its net NPAs too witnessed similar trend at 6.98 per cent of net advances for the December quarter, a rise from 3.89 per cent bad loans ratio year earlier.
In absolute value, gross NPAs stood at Rs 16,888.34 crore at the end of December quarter, up from Rs 9,520.92 crore year ago. Net NPAs were Rs 9,382.38 crore against Rs 5,102.81 crore.
However, there was a fall in provisioning for bad loans, with bank parking Rs 828.71 crore to cover soar assets, from Rs 905.56 crore kept aside a year ago.
Andhra Bank stock closed 1.23 per cent higher at Rs 57.80 on BSE.