Andhra Bank’s Q3 net loss widens to Rs 579 cr

Hyderabad: State-owned Andhra Bank on Monday said its losses widened to Rs 579 crore during the third quarter of FY19 from losses of Rs 532 crore in the year ago period.

This was despite a 4% rise in total income during the quarter ended December 31, 2018, at Rs 5,322 crore as compared to Rs 5,093 crore in the corresponding quarter of FY18.

The gross non-performing assets of the bank increased to Rs 28,703 crore during the third quarter of FY19 from Rs 21,599 crore in the third quarter of FY18, while the net non-performing assets dipped marginally to Rs 10,778 crore from Rs 10,858 crore. The provisions for bad loans during the quarter went up to Rs 1,790 crore from Rs 1,745 crore in the same quarter of last fiscal.

Segment wise, treasury income decreased to Rs 1,162 crore from Rs 1,301 crore and corporate segment revenues fell to Rs 1,346 crore from Rs 1,365 crore, while retail segment revenues increased to Rs 2,176 crore from Rs 1,917 crore.

During the quarter, the bank allotted around 54 crore equity shares of Rs 10 each at a premium of Rs 27.39 per share to the government of lndia in respect of capital funds received to the tune of Rs 2,019 crore. As a result, the percentage of shares held by GoI increased to 84.83% from 77.99%.