Andhra financial institution this fall profit falls 72% to Rs52 crore on better NPA provisions

internet NPAs stood at Rs.6,half.7 crore (four.61%) for the region below overview, as in opposition toRs.three,688.6 crore (2.ninety three%) a year in advance. photograph: Preetha ok./Mint
Hyderabad: Public lender Andhra bank on Saturday stated its net income for the region ended March crashed nearly seventy two% to Rs.52 crore because of better provisioning for non-appearing property. The financial institution clocked Rs.185 crore internet profit for the duration of the identical zoneclosing financial.

in keeping with a assertion issued by the bank, total profits in January-March grew 9% to Rs.five,124 crore as in opposition to Rs.four,699 crore inside the equal quarter in 2014-15. The lender furnished for Rs.1,023 crore closer to provisioning (other than tax) and contingencies for the quarter below dialogue as compared with Rs.633 crore in the previous fiscal, it said.

internet NPAs stood at Rs.6,0.5.7 crore (four.61%) for the quarter beneath assessment, as againstRs.3,688.6 crore (2.ninety three%) a yr in advance. For the entire 12 months of 2015-sixteen, internetearnings stood at Rs.540 crore as in opposition to Rs.638 crore in 2014-15.

The financial institution raised Rs.800 crore through tier-I bonds in February month, the bank stated,adding that it allocated Rs.136 crore really worth of preferential stocks to LIC within the identical month.net interest margin for 2015-sixteen turned into at three.18% as in opposition to three% a 12 months in the past.