Life Insurance Corporation of India (LIC) has raised its stake in Andhra Bank to 11.48% by acquiring 2.19% stake or 13,199,656 shares. Earlier, the company had 55,997,829 shares amounting to 9.29% of equity in the state-owned bank.
The bank reported 89.27% rise in its net profit at Rs 202.52 crore for the quarter as compared to Rs 107.00 crore for the same quarter in the previous year. Total income of the bank increased by 7.71% at Rs 4529.23 crore for quarter under review as compared to Rs 4205.06 crore for the quarter ended June 30, 2014.
