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Andhra Bank posts 385 cr loss in Q2
Public sector lender Andhra Bank suffered Rs385.11-crore loss for the September quarter of the 2017-18 fiscal as against a net profit of Rs 51.42 crore in the previous corresponding quarter.
Hyderabad: Public sector lender Andhra Bank suffered Rs385.11-crore loss for the September quarter of the 2017-18 fiscal as against a net profit of Rs 51.42 crore in the previous corresponding quarter.
Andhra Bank’s higher allocation of amount for provision to cover bad loans impacted its bottom line.The city-based bank announced its second quarter results on Thursday.
During the quarter, provisions and contingencies rose to Rs 1,668.06, up nearly 75 per cent from Rs 956.81 crore in the previous corresponding quarter.
Andhra Bank in a regulatory filing stated that gross non-performing assets (NPAs) or bad loans, as a percentage of loans grew to 13.27 per cent as of September 30 this year, as against 11.49 per cent at end-September of 2016. In value terms, gross NPAs stood at Rs 19,838.58 crore, up from Rs 16,262.86 crore.
Andhra Bank in the statement said that it had to earmark an additional provision of Rs 1,111.76 crore from second quarter to be spread over subsequent quarters till March 2018.
“The additional provision over and above the normal ageing provisions of Rs 396.94 crore has been made during the quarter leaving a balance provision of Rs 714.82 crore to be made in the course of the financial year ie before March 2018,” the bank said.
Net NPAs rose to 7.55 per cent of net loans disbursed by end of the quarter under review, from 6.99 per cent a year ago. Net NPAs were at 10,573.60 crore, as against Rs 9,411.27 crore.
Also, bank's total revenues for the quarter fell to Rs 5,005.34 crore against Rs 5,042.67 crore a year ago as core or interest income fell. The bank's stock closed down Rs0.55 or 0.80 percent to Rs68.15 on BSE.
