Public sector lender Andhra Bank today said it suffered Rs 2,636 crore loss for the quarter ended March 31 2018 due to higher provisioning for bad loans. The bank made a profit of Rs 35 crore during the same quarter in FY 17, it said in a press release.
The total income was down by six per cent to Rs 5,093 crore against Rs 5,425 crore in January-March quarter of FY17. The PSU made Rs 3,902 crore towards Contingencies and Provisions during the quarter under discussion against Rs 1,399 crore in Q4 of Fy17.
For the full year of 2017-18 Andhra Bank suffered Rs 3,413 crore loss against Rs 174 crore profit for FY 17, it said. The gross NPAs stood at Rs 28,124.36 crore at the end of FY 18 against Rs 17,669.98 crore at the end of FY17.
Total business grew by 9.70 per cent to Rs 3,72,605 crore in the last fiscal. It was Rs 3,37,693 crore in FY 17, Andhra Bank said.
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