Andhra Bank has reported a net loss of Rs 2,535.82 crore on a standalone basis for the fourth quarter ended March 31, mainly due to higher provisioning for bad loans.
The bank had posted a net profit of Rs 35.12 crore in the corresponding quarter of 2016-17. The loss came in the backdrop of provisions for NPAs increasing to Rs5,562.76 crore compared with Rs 1,171.58 crore in the year-ago period.
The 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% of total assets compared to 12.25% in the corresponding quarter of the previous fiscal.
Similarly, the net NPAs rose to 8.48% from 7.57% in the January-March quarter of 2016-17. For the entire period of 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 bank said.
