Andhra bank rakes in Rs 4,388 crore in financial year 2016-17

Andhra Bank (AB) posted operating profit of Rs 4,388 crore for the financial year 2016-17 registering a growth of 10.8 per cent over the previous FY. 

Published: 18th May 2017 06:19 AM  |   Last Updated: 18th May 2017 06:19 AM   |  A+A-

By Express News Service

HYDERABAD: Andhra Bank (AB) posted operating profit of Rs 4,388 crore for the financial year 2016-17 registering a growth of 10.8 per cent over the previous FY. 

Though operating profit saw a rise, net profit pegged at Rs 174 crore, decreased by 67.8 percent for FY 2016-17 when compared with previous FY.

According to the results released, total income of the bank grew by 5.9 per cent on y-o-y basis from Rs 19,199 crore to Rs 20,336 Crore. Interest Income grew by 2.2 per cent from Rs 17,635 Crore to Rs 18,027 Crore, while Non Interest Income grew by 47.6 percent from Rs 1,564 Crore to Rs 2,308 Crore.

The Gross Non Performing Assets (NPA) of AB stood at Rs 17,669.98 Crore, with GNPA ratio being 12.25  for Mar 2017 as compared to Rs 11443.63 Crore and GNPA ratio being 8.39 per cent for Mar 2016. The Net NPA of the Bank stood at Rs 10,354.81 Crore, NNPA ratio being 7.57 per cent for March 17 as compared to Rs 6,035.65 Crore and NNPA being 4.61 percent for Mar 16.

The Provision Coverage Ratio of the Bank stood at 51.03 per cent by March, 2017 as compared to 56.89 per cent by March, 2016.

AB has 2,908 branches (Rural: 745, SU: 770, Urban: 664 and Metro: 729) and 3,929 ATMs/BNAs/CRs.

In the current FY, it opened 105 branches taking the total number of delivery channels to 6875. During the financial year, AB sanctioned 11,0261 MUDRA loans and disbursed an amount of Rs 1611.77 Crore. The total number of PMJDY accounts with AB stood at 24.23 lakh and the outstanding balance in these accounts is at Rs 327.10 crore.

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