Andhra Bank net plunges 85 per cent in Q1

Hyderabad, Aug 6 (IANS) State-run Andhra Bank on Saturday reported net profit of Rs 31 crore for first quarter of 2016-17, registering a whopping 85 per cent decline from Rs 203 crore from like period year ago.

In a regulatory filing to the stock exchange BSE, the city-based bank said total income, however, increased 7 per cent to Rs 4,856 crore in the quarter under review from Rs.4,592 crore in same period year ago.

Sequentially too, net profit dipped 40 per cent from Rs 52 crore and income declined 5.2 per cent from Rs 5,124 crore posted in the previous quarter of last fiscal.

Operating profit for the quarter, however, increased 21 per cent over last year to Rs 1,000 crore from Rs 826 crore year ago, but dipped 14.7 per cent sequentially from Rs 1,173 crore.

Provisioning has shot up 88 per cent to Rs 944 crore for the quarter from Rs 503 crore year ago.

Gross non-performing assets (NPAs) shot up 95 per cent to Rs,14,137 crore in Q1 from Rs 7,238 crore year ago and net NPAs up 123 per cent to Rs 8,147 crore from Rs 3,650 crore year ago.

In terms of ratios, gross NPA nearly doubled to 10.3 per cent from 5.75 per cent and net NPA to 6.21 per cent from 2.99 per cent.