Hit by bad loans, Andhra Bank Q1 net profit falls 85%
New Delhi: Amid surging bad loans, public sector lender Andhra Bank’s standalone net profit has plunged 84.6% to Rs.31.09 crore for the quarter ended June.
The bank clocked a net profit of Rs.202.52 crore in the same quarter of the previous fiscal, it said in a filing to BSE on Saturday.
Total income during the quarter rose to Rs.4,855.50 crore, from Rs.4,529.23 crore in the year-ago period. Gross non-performing assets (NPAs) for the quarter almost doubled to Rs.14,137.27 crore, from Rs.7,237.59 crore a year earlier.
Net NPAs also more than doubled to Rs.8,147.41 crore as against Rs.3,650.22 crore in the year-ago period.