Improved asset quality boosts Andhra Bank's Q1 net by 89% to Rs 202.52 crore

New Delhi: Andhra Bank today reported a 89.27 percent jump in net profit at Rs 202.52 crore for the first quarter ended June 30, 2015, on improved asset quality. It had reported a net profit of Rs 107 crore in the corresponding period of the previous fiscal. The bank’s total income grew 7.70 percent to Rs 4,529.23 crore during the quarter under review as against Rs 4,205.06 crore in the first quarter of the last fiscal, Andhra Bank said in a BSE filing. [caption id=“attachment_2362972” align=“alignleft” width=“380”]  Andhra Bank posts strong Q1 earnings[/caption] The bank’s gross non performing Assets (NPA) stood at 5.75 percent for the quarter ended June 30, 2015 compared with gross NPA of 5.98 per cent during the same period of 2014-15 fiscal. Net NPA also declined to 2.99 percent in the quarter under review against 3.89 percent during the same quarter last fiscal. The public sector bank said its provision coverage ratio stood at 61.33 percent as on June 30, 2015. PTI