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.

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