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Andhra Bank March quarter net down 33% to Rs 35 crore

Press Trust of India  |  Hyderabad 

State-owned lender today said its net profit for the fourth quarter ended March 31 declined nearly 33 per cent to Rs 35 crore.

The had posted a net profit of Rs 52 crore in the same quarter in FY16.

According to a statement issued by the lender, total grew by nearly 6 per cent to Rs 5,425 crore from Rs 4,672 crore in Q4 of FY16.

Provisioning for bad loans increased by 24.7 per cent to Rs 1,399 crore in the period under review.

Net interest margin (NIM), a gauge of profitability, in the January-March period grew to 3.59 per cent from 3.41 per cent in the corresponding quarter of 2015-16.

Fo the full year (FY17), the total grew 6 per cent to Rs 20,336 crore from Rs 17,635 crore in FY16.

Net profit for the year declined 68 per cent to Rs 174 crore from Rs 540 crore in FY16.

Total grew 12.1 per cent to Rs 19,5441 crore in the last fiscal from Rs 17,4302 crore, while advances were up 5.8 per cent to Rs 14,4232 crore from Rs 13,6371 crore in FY16, the statement added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 16 2017. 21:32 IST