Andhra Bank is planning to raise Rs 700 crore via qualified institutional placement (QIP) in the next quarter. This is part of bank’s plan to raise Rs 3,000 crore capital in the current financial year. A bond issue of bank is currently on for Rs 500 crore which will be closed by the last week of September. Further, bank is expected receive Rs 378 crore from the Government by the end of September and will have Rs 878 crore capital by September end. The bank will raise remaining fund before the end of March 2016 via tier II bonds and also from the Government.
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.
