Andhra Bank has posted net loss of Rs 540 crore in the first quarter ended June 30, 2018 on higher provisions and contingencies.
It had earned Rs 40 crore profit in the corresponding quarter of the previous year. While the total business had increased 8.8 per cent year on year to Rs 3,63,474 crore (Rs 3,34,073 cr), net interest income had a modest growth of 1.39 per cent at Rs 1,461 crore.
The deposits and advances grew by 7.81 per cent and 10.09 per cent respectively. The retail credit registered a year-on-year growth of 29 per cent and reached Rs 37,954 crore. The net Non-Performing Assets (NPAs) stood at 7.96 per cent. The loss per share was at Rs 18.01.
The board of directors at its meeting held on Friday approved preferential allotment of shares to Government of India to an extent of Rs 2,019 crore.
It also approved allotment of up to 10 crore fresh equity shares of the bank in one or more tranches to the employees at a discount of not more than 25 per cent.