Stocks

Andhra Bank shares rise after lender posts Q1 profit

Reuters August 5 | Updated on August 05, 2019 Published on August 05, 2019

Shares of Andhra Bank gained as much as 5.1 per cent to Rs 20.6 in the morning session on Monday.

The lender posted a June-quarter net profit of Rs 51.56 crore ($7.32 mln) against a loss of Rs 540 crore a year earlier, aided by reduced provisions and contingencies.

June-quarter provisions stood at Rs 1,041 crore, a decline of 39 per cent from the previous year. The stock PE of 12.09 was well above the sector average of 10.40.

Up to last close, the stock was down 33.3 per cent this year.

Published on August 05, 2019
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