Andhra Bank has reported an 82.9% decline in net profit at Rs 34.46 crore in the third quarter due to higher provisioning towards bad debt and low income growth.
In the same quarter last year, it had registered a net profit of Rs 201.71 crore. Total income grew 5.74% at Rs 4,801.40 crore, against Rs 4540.34 crore in the year-ago period.
Provisions for bad loans were raised to Rs 905.56 crore, an increase from Rs 541.52 crore kept aside in the same quarter last year.
There was a steep increase in non-performing assets. Gross NPAs stood at 7% compared to 5.99% in the year-ago period, while net NPAs had gone up to 3.89%.