Andhra Bank Q1 net up 30% at Rs 40 cr

BS ReporterHyderabad, 4 August: Andhra Bank has reported a 30 percent increase in net profit at Rs 40.32 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 quarter.Total income for the bank grew 6.2 percent at Rs 5,155.21 crore during the quarter under review helped by a steep rise in income from treasury, as compared with Rs 4,855.50 crore in the year ago period. The interest income grew only marginally(0.69 percent) at Rs 4,402 crore as compared to Rs 4,372 crore while the non-interest income rose by 55.63 percent to Rs 753 crore as compared to Rs 484 crore in the year ago period.Notably, the bank was able to reduce the expenditure by 1.8 percent to Rs 3,785.68 crore in this quarter from Rs 3,855.64 crore in the corresponding previous quarter due to a decrease in interest expended. The interest expended was Rs 2,981 crore in the quarter ended June, 2017 as …

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