Andhra Bank Posts Rs 2,535 Cr Net Loss in Q4
State-owned Andhra Bank today reported a standalone net loss of Rs 2,535.82 crore for the fourth quarter ended March 31, mainly due to higher non-performing assets.
Mumbai, May 22 (PTI) State-owned Andhra Bank today reported a standalone net loss of Rs 2,535.82 crore for the fourth quarter ended March 31, mainly due to higher non-performing assets.
The bank had posted net profit of Rs 35.12 crore in the corresponding quarter of 2016-17.
In a regulatory filing, Andhra Bank said its total income stood at Rs 5,092.62 crore in the March quarter, compared to Rs 5,424.69 crore in the year-ago period.
The bank's gross NPA widened to 17.09 per cent of total assets as compared to 12.25 per cent in the corresponding quarter of the previous fiscal.
Similarly, the net NPAs rose to 8.48 per cent from 7.57 per cent in January-March quarter of 2016-17.
For the entire 2017-18, the bank posted a net loss of Rs 3,412.53 crore on standalone basis compared to a profit of Rs 174.33 crore in the preceding financial year, the filing said.
On consolidated basis, the bank posted a net loss of Rs 3,394.39 crore in 2017-18 compared to a profit of Rs 187.79 crore in the year-ago period, it added.
Andhra Bank's scrips closed at Rs 34.50 a share on BSE, down 1.29 per cent over yesterday.
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