Andhra Bank, the public sector lender, on Saturday reported a sharp rise of 89.27% in first quarter profit. The bank reported a profit of Rs 2,025.20 million for the quarter ended Jun. 30, 2015, compared with Rs 1,070 million, a year ago.
Quarterly income totalled at Rs 45,292.30 million, an increase of 7.71% over Rs 42,050.60 million in the same period a year ago.
Operating Profit grew by 31.9% to Rs 8,254.90 million compared to Rs 6,262.70 million last year.
Non Interest Income stood at Rs 3,141.90 million compared to Rs 3,946.90 million last year.
Interest Income grew by 10.6% to Rs 42,150.40 million compared to Rs 38,103.70 million last year.
Net NPAs improved to 2.99% at the end of the quarter, from 3.89% in the last year period.
Capital adequacy ratio (CAR) of the bank under Basel III was at 10.36% as on Jun. 30, 2015.
Shares of the bank gained Rs 2, or 2.9%, to trade at Rs 71.05. The total volume of shares traded was 541,170 at the BSE (2.27 p.m., Monday).