Andhra Bank’s net loss widens
Hyderabad: State-owned Andhra Bank on Monday said its net loss widened to Rs 578.59 crore in the third quarter ended December 31, as bad loans surged.
The bank had posted a net loss of Rs 532.02 crore in the October-December quarter previous fiscal. Total income, however, rose to Rs 5,322.33 crore for the third quarter of 2018-19 as against Rs 5,093.43 crore in same period last year, Andhra Bank said in a regulatory filing.
In absolute value, the gross bad loans were Rs 28,703.47 crore as against Rs 21,599.32 crore. Net NPAs, however, were trimmed to 6.99 per cent (Rs 10,778.36 crore) by end of the third quarter as against 7.72 per cent (Rs 10,858.32 crore) a year ago. The provision coverage ratio as on December 31, 2018 stood at 68.47 per cent, Andhra Bank said.