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  1. Hit by NPAs, Andhra Bank Q1 net profit nosedives 85%

Hit by NPAs, Andhra Bank Q1 net profit nosedives 85%

Amid surging bad loans, public lender Andhra Bank's standalone net profit has plunged 84.6 per cent to Rs 31.09 crore for the quarter ended June.

By: | New Delhi | Published: August 7, 2016 9:36 PM
andhra bank Amid surging bad loans, public lender Andhra Bank’s standalone net profit has plunged 84.6 per cent to Rs 31.09 crore for the quarter ended June.

Amid surging bad loans, public lender Andhra Bank’s standalone net profit has plunged 84.6 per cent to Rs 31.09 crore for the quarter ended June.

The bank clocked a net profit of Rs 202.52 crore in the same quarter of the previous fiscal, it said in a filing to BSE.

Total income during the quarter rose to Rs 4,855.50 crore, from Rs 4,529.23 crore in the year-ago period.

Gross non-performing assets (NPAs) for the quarter almost doubled to Rs 14,137.27 crore, from Rs 7,237.59 crore a year earlier. Net NPAs also more than doubled to Rs 8,147.41 crore as against Rs 3,650.22 crore in the year-ago period.

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