- Andhra bank reported that drop in profit of 72% in q4 due to NPA provisioning. According to bank authorities the total income grew by 9% in Jan and March quarter to 5124 crores against 4699 crores
- But it has crashed 72% to 52 crores due to high NPA’s. the bank shown 185 crores net profit in year over year of same quarter
- The net NPA’s 6035.7 crores ( 4.61 %) against 3688.6 crores (2.93% ) earlier
- There is also a drop in full year net profit of 540 crores against 638 crores comparing to previous year
- As we know bank raised 800 crores of tier-I bonds in Feb month and issuing of 136 crores worth preference shares worth to LIC Corporation in same month
- The net interest margin raised to 3.18% against 3% in year a ago
Andhra bank profit surges 72% in Q4 ( jan-march ) 2016
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