Andhra Bank seeks to sell $209 million worth bad loans to ARCs

State-run Andhra Bank is seeking to sell bad loans worth about 13.88 billion rupees ($209 million) to asset reconstruction companies, according to a newspaper advertisement on Monday.

The bad loans are in 29 accounts, the bank said in the advertisement.

Andhra Bank on Saturday reported a 74% increase in its second-quarter net profit to 2.51 billion rupees from a year earlier. Its gross bad loan ratio eased to 5.71% from 5.75% in the first quarter.