Public sector Andhra Bank today reported a consolidated net profit of Rs 557.99 crore for the fiscal ended March 2016, down 15 per cent from a year ago on higher provisioning for bad loans.
The bank’s net profit was Rs 655.78 crore for the year ended March 2015.
“Total income has increased to Rs 19,910.91 crore from Rs 18,787.93 crore for the year ended March 31, 2015”, it said in a regulatory filing.
The bank did not report figures for the January-March of the fiscal 2015-16.
Gross non-performing assets (NPAs) or bad loans of the bank soared to 8.39 per cent of gross advances for year ended March 2016 as against 5.31 per cent in 2014-15.
In absolute terms, the gross NPAs rose to Rs 11,443.63 crore from Rs 6,676.54 crore in preceding fiscal.
Net NPAs were 4.61 per cent (Rs 6,035.65 crore) from 2.93 per cent (Rs 3,688.63 crore).
Due to ballooning bad loans, Andhra Bank, as per RBI’s Asset Quality Review (AQR) norms, raised provisions to Rs 2,956.60 crore as of March 2016 as against Rs 2,081.59 crore in the preceding period March 2015.
Andhra Bank share closed 0.93 per cent up at Rs 48.95 apiece on BSE.