Public sector Andhra Bank today said its net profit declined by 36 per cent to Rs 231 crore for the first quarter ended June 30,2013,on account of higher provisioning towards non-performing assets. Net profit for the same quarter a year ago stood at Rs 362 crore. Reacting to the results,the bank’s shares plunged by 7.25 per cent to Rs 63.95 apiece on the BSE during afternoon trade.
However,bank’s total income grew by 15 per cent to Rs 3,854 crore during the quarter under discussion against Rs 3,357 crore in the first quarter last fiscal,according to a BSE filing by the bank. Income growth was largely due to higher income other than interest earned.
The employee cost has also gone up considerably during to the quarter to Rs 385 crore against Rs 297 crore in the same quarter last year. Net NPA has grown significantly and stood at 3.27 per cent in the first quarter of current fiscal against 1.52 per cent during the same quarter last year.