Increased provisioning for bad loans pulled down net profit of public sector Andhra Bank by 80 percent to Rs 51.42 crore for the quarter ended September 30.
Andhra Bank had a net profit of Rs 251.26 crore in the same quarter of previous fiscal. Provisioning for bad loans increased to Rs 956.81 crore, up 82 percent from Rs 524.86 crore in the second quarter of the last fiscal, Andhra Bank said in a BSE filing.
Gross non-performing assets (NPAs) jumped to 11.49 percent at the end of September 2016, from 5.71 percent in the corresponding month last fiscal. Net NPA rose to 6.99 percent at the end of September 2016, from 2.95 percent at the end of September 2015.
Total income increased to Rs 5,042 crore at the end of second quarter from Rs 4,744 crore at the end of same period last year.
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