Credit rating agency, CARE has reaffirmed ‘A1+’ rating of Rs 20,000 crore Certificate of Deposit (CD) Programme of Andhra Bank.
The rating factors in the majority ownership of Andhra Bank by the Government of India (GoI), comfortable capitalization levels, growth in total business, comfortable asset quality, high provision coverage, good risk management systems and high technology orientation
Andhra Bank’s net profit for the quarter ended June 30, 2011 rose by 20.38% at Rs 385.71 crore as compared to Rs 320.41 crore for the same quarter last year. Its total income increased by 37.52% to Rs 2851.18 crore for the quarter under review from Rs 2073.24 crore for the corresponding quarter of the previous year.