Andhra Bank turns around, posts Rs 52-cr net profit in Q1

Andhra Bank has returned to profit with a net profit of Rs 52 crore in the first quarter ended June 30, 2019, due to reduction in the provision for bad loans. In the comparable quarter of the previous year, it posted a net loss of Rs 540 crore.

Andhra Bank’s net interest income (NII) increased 13 per cent at Rs 1,651 crore as against Rs 1,460 crore in the year-ago period. Its total business increased 9.22 per cent, while total income, including treasury, grew by 6.77 per cent at 5,437 crore (Rs 5,092 crore).

There was some improvement in the bad assets ratio, as the gross non-performing assets (NPAs) stood at 16.44 per cent of gross advances as on June 30, compared with 16.69 per cent a year ago.