Ind-Ra affirms ‘AA’ rating to Andhra Bank’s Long-Term Issuer

Credit rating agency, India Ratings & Research (Ind-Ra) has affirmed ‘AA’ rating to Andhra Bank’s Long-Term Issuer with a Stable Outlook and ‘A1+’ rating to Short-Term Issuer. The ratings factor in AB’s adequate capitalization and strong regional franchisee in Andhra Pradesh. Andhra Bank has reported 82.27% fall in its net profit at Rs 45.57 crore for third quarter ended December 31, 2013 as compared to Rs 257.09 crore for the same quarter in the previous year. However, total income of the bank has increased by 12.49% at Rs 3900.54 crore for quarter under review as compared to Rs 3467.57 crore for the quarter ended December 31, 2012.