Andhra Bank Q2 loss at Rs385 crore on higher bad loan provisions
Hyderabad: Public sector lender Andhra Bank on Thursday said it suffered a Rs385 crore loss for the quarter ended 30 September due to higher provisioning for bad loans.
The bank reported a Rs51 crore net profit during the same quarter in FY 17, Andhra Bank said in a statement. Total income for the quarter under discussion was marginally down to Rs5,005 crore against Rs5,043 crore during the corresponding quarter last year.
The bank allotted Rs1,680 crore towards provisioning and contingencies for the July-September quarter against Rs992 crore for the second quarter of 2016-17. “The Gross NPA of the bank stood at Rs19,839 crore (GNPA ratio 13.27%) for (as on) September 2017 as compared to Rs16,263 crore (GNPA ratio 11.49%) for September 2016,” it said.
The Net NPA stood at Rs10,574 crore (NNPA ratio 7.55%) for September 2017 as compared to Rs9,411 crore (NNPA 6.99%) for September 2016. The provision coverage ratio of the bank stood at 55.25% (Sept 2017) as compared to 50.41% (Sept 2016), the lender said.
Net interest margin for the quarter stood at 3.21%. Retail credit portfolio registered a growth of 28% year-on-year from Rs25,414 crore to Rs32,526 crore.