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.