Andhra Bank Q1 net sinks 36% on NPA; other income doubles
Public sector lender Andhra Bank's first quarter net profit was majorly supported by other income that nearly doubled to Rs 467.7 crore in the quarter ended June 2013 from Rs 235.7 crore in a year ago period.
July 31, 2013 / 16:30 IST
Moneycontrol Bureau
Public sector lender Andhra Bank's first quarter net profit fell 36 percent year-on-year to Rs 231.3 crore on higher provisions, sending shares nearly 9 percent lower to touch more than four-year low of Rs 62.85 on the BSE. Net profit was majorly supported by other income that nearly doubled to Rs 467.7 crore in the quarter ended June 2013 from Rs 235.7 crore in a year ago period.Net interest income of the bank also declined 6.87 percent on yearly basis to Rs 874 crore in first quarter.Gross non-performing asset (NPA) increased 103 bps Q-o-Q (up 201 bps Y-o-Y) to 4.73 percent while net NPA rose by 82 bps sequentially (up 175 bps Y-o-Y) to 3.27 percent during the quarter.Provisions and contingencies soared 5.5 percent quarter-on-quarter (up 86 percent year-on-year) to Rs 385 crore in the first quarter.Revenues from treasury operations (called other income) increased to Rs 965.63 crore from Rs 572.22 crore while profit before tax from treasury operations jumped to Rs 186.95 crore from Rs 119.89 crore in June quarter Y-o-Y.Provision coverage ratio was 45.02 percent as on June 30, 2013.At 11:56 hours IST, the stock was quoting at Rs 63.80, down 7.47 percent amid high volumes.Also Read -
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