Andhra Bank Net Rises 13 Per Cent At Rs 66 Crore

With the help of lesser provision for taxation and a significant increase in other income, Andhra Bank could post a 13 per cent rise in net profit at Rs 66.42 crore for the quarter ended June as against Rs 58.79 crore registered for the corresponding period in the previous year.

Total income earned by the bank during the first quarter increased by 16.55 per cent at Rs 575 crore (including an other income of Rs 79.6 crore) compared to the Rs 493 crore (Rs 56.31 crore) recorded for the corresponding period last year.

Though the operating was more or less equal at Rs 104.67 crore (Rs 103.79 crore) during both the periods, lesser provision for taxation of Rs 25 crore as compared to Rs 34 crore provision last year helped the bank post better profit.

 

Operating expenses that included payments to and provision for employees rose by Rs 9.34 crore to Rs 100.62 crore from Rs 91.28 crore. Total expenditure has gone up to Rs 470 crore from Rs 389 crore.

The bank had reserves of Rs 372.82 crore at the end of previous quarter. On a paid-up capital of Rs 450 crore, the earnings per share during the period stood at Rs 1.48.