Andhra Bank has received an approval for raising of equity capital by issuance of 2,88,53,210 equity shares of Rs 10 each for cash at Rs 47.30 per share (including premium of Rs 37.30 per share) aggregating up to Rs 136.48 crore on preferential basis to Life Insurance Corporation of India (LIC). The above is however subject to shareholders’ approval at the Extraordinary General Meeting proposed to be held on March 21, 2016.
The bank has reported a steep 82.9% decline in net profit at Rs 34.46 crore for the quarter ended December 2015 on the back of higher provisioning towards bad debt and lower income growth. The net profit for the corresponding quarter previous year stood at Rs 201.71 crore while was in the last quarter ending September 2015 it was Rs 251.26 crore.
The percentage of gross NPAs rose to 7% compared to 5.99% in the year ago period. The percentage of net NPAs increased to 3.89% from 3.70% in the corresponding previous quarter.
| Company Name | CMP |
|---|---|
| SBI | 1080.35 |
| PNB | 114.50 |
| Canara Bank | 142.35 |
| Bank Of Baroda | 280.00 |
| Union Bank Of India | 188.90 |
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