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Business News/ Market / Stock-market-news/  Andhra Bank shares fall 2.3% on dip in Q4 profit
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Andhra Bank shares fall 2.3% on dip in Q4 profit

Net profit fell to `52 crore in the three months ended 31 March from `185 crore in the year-ago quarter

Provisions rose 37.2 % to `1,122 crore from `818 crore. For the full year to 31 March, provisions rose 28.6% to `3,420 crore. Photo: Preetha K./MintPremium
Provisions rose 37.2 % to `1,122 crore from `818 crore. For the full year to 31 March, provisions rose 28.6% to `3,420 crore. Photo: Preetha K./Mint

Hyderabad: Shares of state-owned Andhra Bank fell as much as 2.3% in early trading on Monday after the lender reported a 72% dip in net profit for the fiscal fourth quarter on Saturday on a sharp increase in bad loan provisions.

Net profit fell to 52 crore in the three months ended 31 March from 185 crore in the year-ago quarter. Provisions rose 37.2 % to 1,122 crore from 818 crore. For the full year to 31 March, provisions rose 28.6% to 3,420 crore.

Gross non-performing assets surged to 6,036 crore in the financial year from 3,689 crore.

Shares of Andhra Bank fell to 49.60 at the start of trading on Monday before recovering to 50.40, down 0.69%. The benchmark Sensex was trading up 1.43% at 25,588.45 points.

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Updated: 09 May 2016, 12:14 PM IST
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