Andhra Bank posts net profit of Rs 175 cr in Dec quarter

State-owned Andhra Bank on Wednesday reported a consolidated net profit of Rs 174.76 crore in the third quarter ended December 31, 2019.

The bank had posted a net loss of Rs 573.52 crore in the corresponding quarter of the previous financial year.

Its total income during the October-December 2019 quarter rose to Rs 5,913.14 crore as compared with Rs 5,609.43 crore a year ago, Andhra Bank said in a regulatory filing.

Gross non-performing assets (NPAs) worsened to 17.26 per cent of the gross advances at the end of December 2019, compared with 16.68 per cent a year ago.

Net NPA, however, came down to 6.36 per cent as against 6.99 per cent.

Provisions for bad loans were brought down to Rs 1,028.07 crore in the reported quarter, against the Rs 1,790.17 crore parked aside in the year-ago period.

The bank said the provision coverage ratio at the end of December 2019 stood at 73.62 per cent.

The board of directors in September 2019 accorded its in-principle approval for amalgamation of Andhra Bank and Corporation Bank with the Union Bank of India, it added.

Shares of Andhra Bank on Wednesday closed flat at Rs 16.05 apiece on the BSE.