Andhra Bank net profit dips 33% to Rs 35 cr in March quarter

Decline mainly due to 12.6% rise in operating costs and 24.7% hike in provisions and contingencies

Andhra Bank has reported 32.7 per cent decline in net profit at Rs 35.13 crore in the quarter ended March 2017 as compared to Rs 51.6 crore in the corresponding quarter previous financial year.

The decline in net profit is mainly due to 12.6 per cent rise in operating expenses and 24.7 per cent increase in provisions and contingencies. However, the bank's total income surged 6 per cent at Rs 5,424.7 crore during the quarter under review when compared to Rs 5,124.4 crore in the corresponding period last year.

During the quarter, the bank's total business grew by 9.3 per cent to