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Andhra Bank has posted a loss of Rs 434 crore during the second quarter ended September 30, 2018 as against a loss of Rs 385 crore for the corresponding quarter of previous financial year. Last financial year, the bank had posted a loss of Rs 3,413 crore due to bad loans and provisioning for bad loans.
The Hyderabad-based state-owned lender, however, saw its total income at Rs 5,249 crore for the quarter as against Rs 5,005 crore, registering a growth of 4.88 per cent. The interest income at Rs 4,755 crore, was up 7.65 per cent for the second quarter as against Rs 4,417 core for the same period of previous fiscal.
Providing details of it's performance, the bank informed that its gross non performing assets (NPAs) as of September quarter were at Rs 27,623 crore, net NPA at Rs 11,428 crore and the provision coverage was 65.47 per cent. Referring to the priority sector advances, the bank stated it registered year-on-year growth of 14.26 per cent during the September quarter, and this constituted 41.52 per cent of adjusted net bank credit against the norm of 40 per cent.
While the retail credit registered year on year growth of 21.62 per cent at Rs 39,558 crore, agricultural credit was up 16.39 per cent at Rs 33,381 crore and MSME credit reached 30,668 crore, up 8.3 per cent.The credit card base was at 2.73 lakh, a growth of 42 per cent.
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