New Delhi: Increased provisioning for bad loans pulled down net profit of public sector Andhra Bank by 80 per cent to Rs 51.42 crore for the quarter ended September 30.
Andhra Bank had a net profit of Rs 251.26 crore in the same quarter of previous fiscal. Provisioning for bad loans increased to Rs 956.81 crore, up 82 per cent from Rs 524.86 crore in the second quarter of the last fiscal, Andhra Bank said in a BSE filing.
Gross non-performing assets (NPAs) jumped to 11.49 per cent at the end of September 2016, from 5.71 per cent in the corresponding month last fiscal. Net NPA rose to 6.99 per cent at the end of September 2016, from 2.95 per cent at the end of September 2015.
Total income increased to Rs 5,042 crore at the end of second quarter from Rs 4,744 crore at the end of same period last year. Shares of Andhra Bank were trading 3.54 per cent lower at Rs 54.55 apiece on BSE.
