Andhra Bank Q1 net down 36%

Hyderabad: Public sector Andhra Bank on Wednesday 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. 

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