Andhra Bank Profit Up 4-fold

Published: 31st January 2015 06:00 AM  |   Last Updated: 31st January 2015 05:14 AM   |  A+A-

HYDERABAD:Aided by higher interest income, Andhra Bank registered over four-fold jump in its net profit at Rs 201.71 crore for the quarter ended December, 2014 as against Rs 45.57 crore registered during the corresponding quarter a year ago. Total income rose to Rs 4,540.61 crore (Rs 3,900.54 crore), while interest incoem shot up to Rs 4,150.34 crore (Rs 3,597.64 crore).

According to C V R Rajendran, CMD, Andhra Bank, the bank’s gross non-performing assets (NPAs) stood at 5.99 per cent of the advances as on December 2014 from 5.55 per cent a year ago, while net NPAs stood at 3.7 per cent, up from 3.65 per cent.

The bank has made a provision of Rs 541.52 crore (Rs 428 crore) towards bad loans.

The bank’s business grew by 11.3 per cent to Rs 2,60,841 crore (Rs 2,34,344 crore), while total deposits shot up 8 per cent to Rs 1,42,078 crore (Rs 1,31,700 crore).

On the ongoing crop loan waiver in Telangana and AP, Rajendran said the bank still has agricultural loans worth Rs 880 crore in AP and Rs 405 crore in Telangana to be recovered.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp