The Hindu Business Line : Interest income drives Andhra Bank net up

Hyderabad, Oct. 31 Andhra Bank’s net profit increased 6.8 per cent at Rs 161 crore in the second quarter ended September 30, 2008 compared with Rs 151.2 crore in the corresponding quarter of the previous financial year.

A 33 per cent increase in the net interest income, among others, drove the bank on the path of profitability in “a very, very trying period,” Mr R.S. Reddy, Chairman and Managing Director of Andhra Bank, told newspersons here on Friday.

“Our operating profit grew at a strong 19.9 per cent to Rs 278.4 crore which shows the sound business,” he said.

The Hyderabad-based bank would have posted higher net profit except for a higher provisioning of Rs 56.89 crore (Rs 11 crore in the year-ago period) for other than taxes and contingencies. “This included Rs 12.67 crore for depreciation on the Government securities Available for Sale (AFS) and for the non- performing assets,” Mr Reddy said.

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