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.