Andhra Bank Q2 net loss at Rs 385 cr

Hyderabad: On account of higher provisioning, state-run Andhra Bank on Thursday reported a net loss of Rs 385 crore for the second quarter ended September 30, 2017, as against a net profit of Rs 51 crore in the year ago period.
This was on a marginal drop in total income of the bank at Rs 5,005 crore for the second quarter of FY18 as against Rs 5,043 crore in the corresponding quarter of FY17.The bank made a provisioning of Rs 1,680 crore during the period under review (a jump of 69.6%) as against Rs 992 crore in the year ago period. The gross NPA of the bank stood at Rs 19,839 crore for the second quarter of FY18 as compared to Rs 16,263 crore in the year ago period. Meanwhile, the net NPA of the bank stood at Rs 10,574 crore as compared to Rs 9,411 crore in the corresponding quarter of the previous fiscal.