Thursday , August 24 2017
Business Financials

Andhra Bank’s profit down, IOB’s loss up

Andhra Bank’s profit down, IOB’s loss up

Chennai: Two government owned banks — Andhra Bank and Indian Overseas Bank (IOB) — on Friday announced contrasting second quarter results with Andhra Bank showing profit and higher income and IOB a loss and lower income.

In regulatory filing in BSE, Andhra Bank said it has posted a net profit of Rs 51.42 crore for the quarter ended September 30, 2016 as compared to Rs 251.26 crore for the quarter ended September 30, 2015.

Andhra Bank’s total income increased from Rs 4,744.16 crore for the quarter ended September 30, 2015 to Rs 5,042.67 million for the quarter ended September 30, 2016.

On the other hand, IOB closed the second quarter with a net loss of Rs 765.13 crore for the quarter ended September 30, 2016 as compared to net loss of Rs 550.83 crore for the quarter ended September 30, 2015.

According to IOB, its total income has decreased from Rs 6,769.94 crore for the quarter ended September 30, 2015 to Rs 5,961.62 crore for the quarter ended September 30, 2016.