Andhra Bank registers a net loss of Rs.578.59 crore in the third quarter

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Andhra Bank, a leading public sector lender, announced that it had registered a net loss of Rs.578.59 crore in the third quarter of the current financial year. The bank’s total income during the period under review increased by 4% to Rs.5,322.33 crore. In comparison, in the year-ago period, Andhra Bank registered a net loss of Rs.532.02 crore and a total income of Rs.5,093.43 crore.  

Andhra-Bank
Andhra Bank registered a net loss to the tune of Rs.578.59 crore in the third quarter of the current fiscal. In comparison, the bank registered a net loss of Rs.532.02 crore in the year-ago period. The bank’s total income rose by 4% at Rs.5,322.33 crore during the period under review.

The bank’s gross non-performing assets touched Rs.28,703.47 crore during the period under review, as against gross non-performing assets of Rs.21,599.32 crore in the year-ago period. The lender’s net non-performing assets during the third quarter came up to Rs.10,778.36 crore, as against Rs.10,858.32 crore in Q3FY18. The bank’s provisions for bad loans touched Rs.1,790.17 crore during the period under review, in comparison to a sum of Rs.1,744.99 crore in the third quarter of the previous financial year.  

In terms of the various segments, treasury income reduced from Rs.1,301 crore in the third quarter of the previous financial year to Rs.1,162 crore during the period under review. Corporate segment revenues touched Rs.1,346 crore during the third quarter of FY19, as against Rs.1,365 crore in the year-ago period. Revenues registered by the retail segment increased to a sum of Rs.2,176 crore during Q3FY19 from Rs.1,917 crore in Q3FY18. The public sector lender’s provision coverage ratio stood at 68.47%, as on 31 December 2018. 

During the third quarter of the financial year, Andhra Bank allotted nearly 54 crore equity shares of Rs.10 apiece at a premium of Rs.27.39 per equity share to the Government of India for the funds it received.  

Sources: Economic Times, The Times of India, The Hindu

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