Andhra Bank Q1 profit rises 14% at Rs 40 cr

Andhra Bank has reported a 14% increase in net profit at Rs 40.42 crore for the quarter ended June 2017, largely helped by a fall in expenditure despite a growth in revenue. The net profit was Rs 31.09 crore in the same quarter previous financial year.

Total income for the bank grew 6.2 per cent at Rs 5,155.21 crore during the quarter under review helped by a steep rise in income from the treasury, as compared with Rs 4,855.50 crore in the year ago period.

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Number of public sector banks may go down to 12 as govt mulls consolidation

The government is working on a consolidation agenda with a view to creating 3-4 global-sized banks and reduce the number of state-owned lenders to about 12, an official said.

The 21 public sector banks would get consolidated to 10- 12 in the medium term, the official said. As part of a three-tier structure, the official said, there would be at least 3-4 banks of the size of State Bank of India (SBI), the country’s largest lender.

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Andhra Bank Q4 result, Net profit declines 32% at Rs 35 crore

Public sector Andhra Bank has registered a decline of 32 per cent in net profit at Rs 35.13 crore for the last quarter ended March 2017 on rise in bad loans.The bank had posted a net profit of Rs 51.60 crore in the corresponding quarter of preceding fiscal.

However, income during the quarter increased to Rs 5,424.70 crore from Rs 5,124.37 crore in the corresponding period year ago, it said in a BSE filing.Interest income rose to Rs 4,774.09 crore during January-March quarter from Rs 4,651.53 crore year ago.Bank's provisioning to cover bad loans were hiked to Rs 1,299.33 crore for March quarter on higher ratio of bad assets, from Rs 1,022.59 crore year earlier.

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Govt ask 10 public sector bank to cut staff benefits

The government has asked 10 public sector banks (PSB) to curtail employee benefits, including industry-standard pay hikes, if these want to receive any capital.The Centre wants these banks to sign a memorandum of understanding (MoU) with the employees’ unions to get a commitment on this. If the unions agree, benefits such as leave travel concessions and perks could go for a few years till the banks returned to health.

All three Kolkata-based banks — United Bank of India, UCO Bank and Allahabad Bank — have got this diktat. The letter has also gone to Indian Overseas Bank, Vijaya Bank, Bank of India, Central Bank of India, Andhra Bank, Bank of Maharashtra and Dena Bank, sources said.

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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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