Andhra Bank's net loss Stretched to Rs 579 Crore in Q3 as bad Debts
Total income, however, increased up to Rs 5,322.33 crore for the third quarter of 2018-19 against Rs 5,093.43 crore in same time slot said Andhra Bank during a regulatory filing.
Andhra Bank which is a state-owned bank said on Monday that its net loss incresed up to Rs 578.59 crore in the third quarter of December 31 ending, as bad debts gushed. The bank had exprinced a net loss of Rs 532.02 crore in the October-December quarter previous budgetary.
Total income, rose to Rs 5,322.33 crore for the third quarter of 2018-19 as against Rs 5,093.43 crore in the same time duration previous year, Andhra Bank said during a regulatory filing.
Provisions for bad debts during the quarter were indeed increased to Rs 1,790.17 crore, from Rs 1,744.99 crore for the same time period last year.
The bank witnessed its asset quality deteriorating poorly as gross non-performing assets (NPAs) or bad loans roused to 16.68 percent of total advances by the end of December-2018, as compared to 14.26 percent. In accurate value, the gross bad loans were Rs 28,703.47 crore opposing Rs 21,599.32 crore.
Net NPAs, however, were reduced to 6.99 percent (Rs 10,778.36 crore) by the end of the third quarter opposing 7.72 percent (Rs 10,858.32 crore) previous
The provision coverage ratio was 68.47 percent as on December 2018, Andhra Bank said. The stock of the bank was closed to 0.42 percent down at Rs 23.95 on the BSE.