Andhra Bank’s net profit fell 83.2 per cent to ₹34 crore in the third quarter ended December 31, 2015, compared with ₹202 crore in the corresponding quarter of the previous year.
There was a steep increase in non-performing assets. Gross NPAs as a percentage of total loans rose to 7 per cent from 5.99 per cent in the year-ago period, and net NPAs to 3.89 per cent from 3.70 per cent.
Provisions and contingencies rose 38 per cent to ₹995 crore (₹721 crore in the year-ago quarter). Provision coverage improved to 57.8 per cent (53 per cent).
Total income of the bank rose 5.8 per cent to ₹4,801 crore (₹4,540 cr), and net interest income grew 8.2 per cent to ₹1,362 crore (₹1,259 crore).
The Andhra Bank scrip fell 1.35 per cent, to close at ₹43.45, on the BSE on Friday.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.