Andhra Bank Q1 net up 89% at Rs 202 crore

Total income grows 7.7%, bad loans drop

Andhra Bank today reported a 89.27% jump in net profit at Rs 202.52 crore for the first quarter ended June 30, 2015, on improved asset quality.

It had reported a net profit of Rs 107 crore in the corresponding period of the previous fiscal.

The bank's total income grew 7.7% to Rs 4,529.23 crore during the quarter under review as against Rs 4,205.06 crore in the first quarter of the last fiscal, Andhra Bank said in a BSE filing.

The bank's gross Non Performing Assets (NPA) stood at 5.75% for the quarter ended June 30, 2015 compared with gross NPA of 5.98% during the same period of 2014-15 fiscal.

Net NPA also declined to 2.99% in the quarter under review against 3.89% during the same quarter last fiscal.

The public sector bank said its provision coverage ratio stood at 61.33% as on June 30, 2015.