Andhra Bank's net profit decreased 84.7 per cent at Rs 31 crore in the first quarter ended June 30, 2016 compared to Rs 203 crore in the corresponding quarter of previous financial year.
The net profit came down largely on account of steep rise in non-performing assets (NPAs) and subsequent provisions, Suresh N Patel, MD & CEO, Andhra Bank told newspersons at a press conference held here on Saturday.
The net and gross NPAs increased to 6.21 per cent and 10.30 per cent respectively.
The net interest margin was at 2.90 per cent .
The total income grew by 7.2 per cent at Rs 4,855 cr while net interest income increased 9.7 per cent at Rs 1,269 crore. The business grew by 13 per cent.
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