14 banks selected for facilitating government payments

 As part of facilitating payments to the government through banks (instead of depending on treasuries), it has shortlisted 14 banks. With effect from February 1, all payments received at the field offices of various government departments - including village offices, taluka offices, and sub-registrar offices - can be remitted to any branch of the banks that have been short-listed. Till date, government offices had to remit the money at the nearest branch of treasury or treasury branches of three banks.

The order issued by finance department on Tuesday said that during the initial stage, the facility will be extended to the public who can remit money at the banks directly, instead of remitting the same at government offices.

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Andhra Bank Q3 result, profit jumps 65% at Rs 56.70 cr

Public sector Andhra Bank today reported 65 percent jump in net profit to Rs 56.70 crore for December quarter of the current fiscal on higher treasury income even as bad loans rose substantially. 

It had made net profit of Rs 34.46 crore in the October- December quarter of last fiscal, 2015-16. "Total income has increased to Rs 5,012.86 crore for the quarter ended December from Rs 4,801.40 crore for the same of the previous fiscal," the bank said in a regulatory filing. 

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Andhra Bank Q2 result, net slumps 80% on higher NPA provisioning

Increased provisioning for bad loans pulled down net profit of public sector Andhra Bank   by 80 percent to Rs 51.42 crore for the quarter ended September 30. 

Andhra Bank had a net profit of Rs 251.26 crore in the same quarter of previous fiscal. Provisioning for bad loans increased to Rs 956.81 crore, up 82 percent from Rs 524.86 crore in the second quarter of the last fiscal, Andhra Bank said in a BSE filing. 

Gross non-performing assets (NPAs) jumped to 11.49 percent at the end of September 2016, from 5.71 percent in the corresponding month last fiscal. Net NPA rose to 6.99 percent at the end of September 2016, from 2.95 percent at the end of September 2015. 

Total income increased to Rs 5,042 crore at the end of second quarter from Rs 4,744 crore at the end of same period last year.

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Andhra Bank Q1 Result, Net falls 84% to Rs 31 crore

Andhra Bank on Saturday reported a steep 84.64 percent drop in net profit at Rs 31.09 crore for the quarter ended June, 2016 under the impact of a rise in fresh slippages. The bank's net profit was Rs 202 crore in the corresponding quarter previous year.

The total income for the quarter grew 7.2 per cent at Rs 4,855.50 crore as compared to Rs 4,529.23 crore in the year ago period.

The ratio of net non-performing assets (NPAs) more than doubled to 6.21 per cent during the quarter as compared to 2.99 per cent in the corresponding previous quarter. The gross NPAs rose to 10.30 per cent from 5.75 per cent in the year ago period.

"Fresh slippages peaked to Rs 3,500 crore in this quarter from a level of Rs 2,500 crore in each of the last two quarters. While the stress is continued stay in the system we believe that there will be a decline in slippages going forward," Andhra Bank managing director and chief executive Suresh N Patel said.

 

Despite the NPA issues the bank was able to increase the operating profit by 21 per cent, he added.

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Andhra Bank Q4 net profit declines by 72% to Rs 51.60 crore

Andhra Bank reported about 72.1 per cent fall in its net profit at Rs 51.6 crore for the quarter ended March, due to higher provisioning and slippages. The net profit for the corresponding quarter last year was Rs 185.2 crore.

The bank’s total income grew 9.04 per cent at about Rs 5,124 crore, against nearly Rs 4,700 crore a year ago.

However, there was about 17 per cent increase in operating profit (before provisions and contingencies) during the quarter, as operating expenses remained flat on top of the income growth.

The gross non-performing assets (NPAs) rose to 8.4 per cent of the total advances, from 5.3 per cent a year ago. Similarly, net NPAs rose to 4.6 per cent, from 2.9 per cent in the corresponding quarter last year.

The management provided for Rs 1,022.6 crore in provisions and contingencies, a rise of 37.2 per cent over Rs Rs 818 crore in the corresponding quarter of the previous year.

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Andhra Bank profit slides 83% to Rs 34.46 cr in Q3

Andhra Bank today reported a 82.91 per cent plunge in net profit at Rs 34.46 crore for the third quarter ended December 31, on higher bad loans. 

Total income increased to Rs 4,801.4 crore for the quarter from Rs 4,540.61 crore for the quarter ended December 31, 2014, it said in a BSE filing.

The bank's net profit was Rs 201.71 crore in the corresponding October-December quarter of 2014-15. 

Total income increased to Rs 4,801.4 crore for the quarter from Rs 4,540.61 crore for the quarter ended December 31, 2014, it said in a BSE filing. Provisions for bad loans were raised to Rs 905.56 crore for the quarter ended December, up from Rs 541.52 crore kept aside in the same quarter of the previous fiscal. 

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History of Andhra Bank

Andhra Bank is a medium-sized public sector bank (PSB) of India, with a network of 2803 branches, 4 extension counters, 38 satellite offices and 3636 automated teller machines (ATMs) as of 31 Mar 2016. During 2011–12, the bank entered the states of Tripura and Himachal Pradesh. The bank now operates in 25 states and three Union Territories. Andhra Bank has its headquarters in Hyderabad, India.

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