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Ind-Ra affirms ‘AA’ rating to Andhra Bank’s Long-Term Issuer

14 May 2014 Evaluate

Credit rating agency, India Ratings & Research (Ind-Ra) has affirmed ‘AA’ rating to Andhra Bank’s Long-Term Issuer with a Stable Outlook and ‘A1+’ rating to Short-Term Issuer. The ratings factor in AB’s adequate capitalization and strong regional franchisee in Andhra Pradesh.

Andhra Bank has reported 82.27% fall in its net profit at Rs 45.57 crore for third quarter ended December 31, 2013 as compared to Rs 257.09 crore for the same quarter in the previous year. However, total income of the bank has increased by 12.49% at Rs 3900.54 crore for quarter under review as compared to Rs 3467.57 crore for the quarter ended December 31, 2012.

Peers
Company Name CMP
State Bank Of India 963.90
PNB 122.25
Bank Of Baroda 237.50
Canara Bank 120.05
Union Bank Of India 181.05
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