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HomeBusinessAndhra Bank profit slides 83% to Rs 34.46 cr

Andhra Bank profit slides 83% to Rs 34.46 cr

Andhra Bank today reported a 82.91 per cent plunge in net profit at Rs 34.46 crore for the third quarter ended December 31, on higher bad loans.

The banks net profit was Rs 201.71 crore in the corresponding October-December quarter of 2014-15.
Andhra-Bank-File-Photo
Total income increased to Rs 4,801.4 crore for the quarter from Rs 4,540.61 crore for the quarter ended December 31, 2014, it said in a BSE filing.

Provisions for bad loans were raised to Rs 905.56 crore for the quarter ended December, up from Rs 541.52 crore kept aside in the same quarter of the previous fiscal.

The gross non-performing assets (NPAs) or bad loans stood at 7 per cent of the gross advances during the quarter as against 5.99 per cent a year ago.

Net NPAs were 3.89 per cent of net advances, up from 3.7 per cent a year ago.

Shares of the public sector lender traded at Rs 43.10 on BSE, down 3.79 per cent from the previous close.

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