Credit rating agency, CARE has downgraded ‘AAA’ ratings of Andhra Bank’s Subordinated Debt Bonds (VI, VII and VIII Issues)to ‘AA+’ which indicates high degree of safety regarding timely servicing of financial obligations and the instruments with this rating carry very low credit risk.
The rating agency has also downgraded ‘AA+’ rating of bank’s Upper Tier-II Bonds (series-c) to ‘AA ’which indicates high degree of safety regarding timely servicing of financial obligations and the instruments carry very low credit risk.
The bank has reported 15.20% fall in its net profit at Rs 257.08 crore for third quarter ended December 31, 2012 as compared to Rs 303.17 crore for the same quarter in the previous year. However, total income of the bank has increased by 9.50% at Rs 3469.21 crore for quarter under review as compared to Rs 3168.26 crore for the quarter ended December 31, 2011.