Andhra Bank shares fall 2.3% on dip in Q4 profit
1 min read . Updated: 09 May 2016, 12:14 PM IST
PremiumNet profit fell to `52 crore in the three months ended 31 March from `185 crore in the year-ago quarter
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.
