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Business EconomyPosted at: May 13 2019 11:31PM


Andhra Bank net loss down by 51.34pc in Q4

Hyderabad, May 13 (UNI) Public sector lender Andhra Bank has reported Rs 1234 crore net loss for the forth quarter ended March 31 against Rs 2536 crore loss in corresponding period in previous quarter.
However, the net loss for the year 2018-19 was Rs 2786, came down by 18.37 per cent against Rs 3413 crores loss in previous year, the bank said in a statement on Monday.
In 2018-19, the bank made provisions for non-performing assets of Rs 7809 crore crores against Rs 8774 crore provisions made in the previous year.
Net Interest income increased by 5.89 per cent to Rs 6708 crore (Rs 6335 crore) in FY19 while the total income (excluding treasury) was up by 5.22 per cent at Rs 20894 crore (Rs 19858 crore).
The bank had made provisioning of Rs 2522 crore towards contingencies during the fourth quarter against Rs 3902 crore in the same period of the previous fiscal.
According to a bank statement, gross NPAs stood at Rs 28,974 crore as of March 31, 2019 against Rs 28,124 crore in the previous fiscal.
Business grew 6.95 per cent to Rs 3,98,511 crore (Rs 3,72,605 crore).
Andhra Bank has 2,885 branches and 3798 ATMs with total delivery channels put at 6,687.
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Tags: #Andhra Bank net loss down by 51.34pc in Q4
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