Andhra Bank posts negative profits with higher provisioning
Bhagyashree Vivarekar / 09 May 2016
The Government of India promoted Andhra Bank has announced its Q4FY16 results on Saturday, wherein its Net Profit has declined owing to higher Provisioning and Slippages. Andhra Bank has fulfilled the terms of RBI with respect to the asset quality review guidelines.
The Government of India promoted Andhra Bank has announced its Q4FY16 results on Saturday, wherein its Net Profit has declined owing to higher Provisioning and Slippages. Andhra Bank has fulfilled the terms of RBI with respect to the asset quality review guidelines.
On financial front the bank’s standalone Interest earned has increased by 5.2 per cent to Rs 4651.53 crore this quarter as against Rs 4422.26 crore in Q3FY16. The Interest expended stands at Rs 3151.42 crore as against 3060.82 crore for Q3FY16, an increase of 3 per cent. The Net Interest Margin (NIM) of bank stands at Rs 700.54 crore this quarter compared to Rs 650.88 crore in Q3FY16, an increase of 7.6 per cent QoQ.
The Net profit (PAT) stands at Rs 51.6 crore in Q4FY16 as against Rs 34.46 crore last quarter, an increase of 49.7 per cent Q-O-Q. Bank’s per cent of Gross NPA stands at 8.39 as compared to 7 per cent in the last quarter. Per cent of Net NPA has come in at 4.61 as against 3.89 per cent earlier.
Year on year results posted a rise in its Interest Earned by 9.1 per cent from Rs 4261.76 crore while a rise of 9 per cent in Interest Expended from Rs 2890.55 crore in the same quarter last year. Net profit however declined by 72.1 from Rs 185.24 crore. Per cent of Gross NPA rose from 5.31 and per cent of Net NPA rose from 2.93 in the same quarter last year.
On a yearly basis the company’s standalone Interest Earned stands at Rs 17634.68 crore for the year ended March 2016 compared to Rs 16386.61 crore in March 2015, an increase of 7.6 per cent. Interest Expended has come in at Rs 12313.71 crore from Rs 11830.57 crore for the year ended March 2015, an increase of 4 per cent.
Yearly Net profit has slipped from Rs 638.44 crore in FY15 to Rs 539.84 crore in FY16, a decrease of 15.4 per cent. Bank’s per cent Gross NPA has risen at 8.39 as against 5.31. Per cent Net NPA has come in at 4.61 from 2.93 for the year ended March 2015.
After the result today the stock has opened on a negative note and is trading at Rs 50.25 i.e. down by 1.18 per cent.
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