Andhra Bank reports net loss of Rs 532 cr in Q3

The bank registered a net loss of Rs 877 crore for the nine months period ended December compared to the net profit of Rs 139 crore for the nine months periods of the last year.

By Author  |  Business Bureau  |  Published: 8th Feb 2018  9:30 pmUpdated: 9th Feb 2018  1:30 am
Andhra Bank
Andhra Bank. Source: Internet

Hyderabad: Andhra Bank has reported a net loss of Rs 532 crore for the third quarter ended December 2017, compared to the net profit of Rs 57 crore during the corresponding month of the previous year. The bank registered a net loss of Rs 877 crore for the nine months period ended December compared to the net profit of Rs 139 crore for the nine months periods of the last year.

The bank’s total income during the third quarter stood at Rs 5,093 crore compared to Rs 5,013 crore on year-on-year basis, with a marginal jump of 2 per cent. The total income for the nine months period ending December stood at Rs 15,254 crore compared to Rs 14,911 crore, with a 2 per cent increase.

On the asset quality front, the bank‘s Gross NPA was at 14.26 per cent during the third quarter, compared to 11.88 per cent during the same quarter last year. The bank’s Net NPA during the third quarter stood at 7.72 per cent, compared to 6.98 per cent during the corresponding quarter of the previous year.

The bank raised Rs 1,500 crore Basel-III compliant bonds during the third quarter to augment its capital base. The bank has raised Rs 500 crore Tier-1 bonds and Rs 1,000 crore Tier-II bonds.

The bank has 2,912 branches and 3,990 ATMs while it has 6,940 delivery channels in total.