Andhra Bank Q2 loss at Rs 385 cr on higher bad loan provisions

Public sector lender Andhra Bank today said it suffered Rs 385 crore loss for the quarter ended September 30 due to higher provisioning for bad loans.
The bank reported Rs 51 crore net profit during the same quarter in FY 17, Andhra Bank said in a statement.
Total income for the quarter under discussion was marginally down to Rs 5005 crore against Rs 5043 crore during the corresponding quarter last year.
The bank allotted Rs 1680 crore towards provisioning and contingencies for the July-September quarter against Rs 992 crore for the second quarter of 2016-17.
"The Gross NPA of the Bank stood at Rs 19,839 crore (GNPA ratio 13.27 per cent) for (as on) September 2017 as compared to Rs 16263 crore (GNPA ratio 11.49 per cent) for September 2016," it said.

The Net NPA stood at Rs 10,574 crore (NNPA ratio 7.55 per cent) for September 2017 as compared to Rs 9411 crore (NNPA 6.99 per cent) for September 2016.

The Provision Coverage Ratio of the bank stood at 55.25 per cent (Sept 2017) as compared to 50.41 per cent (Sept 2016), the lender said.
Net Interest Margin for the quarter stood at 3.21 pet cent.
Retail Credit portfolio registered a growth of 28 per cent YoY from Rs 25,414 crore to Rs 32,526 crore.