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Andhra Financial institution’s web loss widens to Rs 579 cr in Q3 as unhealthy loans spurt – Moneycontrol.com

Andhra Financial institution’s web loss widens to Rs 579 cr in Q3 as unhealthy loans spurt – Moneycontrol.com

Final Up to date : Feb 11, 2019 07:57 PM IST | Supply: PTI

Whole earnings, nonetheless, rose to Rs 5,322.33 crore for the third quarter of 2018-19 as in opposition to Rs 5,093.43 crore in similar interval final 12 months, Andhra Financial institution mentioned in a regulatory submitting.

State-owned Andhra Financial institution on Monday mentioned its web loss widened to Rs 578.59 crore within the third quarter ended December 31, as unhealthy loans surged. The financial institution had posted a web lack of Rs 532.02 crore within the October-December quarter earlier fiscal.

Whole earnings, nonetheless, rose to Rs 5,322.33 crore for the third quarter of 2018-19 as in opposition to Rs 5,093.43 crore in similar interval final 12 months, Andhra Financial institution mentioned in a regulatory submitting.

Provisions for unhealthy loans through the quarter have been raised to Rs 1,790.17 crore, from Rs 1,744.99 crore parked for a similar interval final fiscal.

The financial institution witnessed its asset high quality deteriorating as gross non-performing belongings (NPAs) or unhealthy loans ballooned to 16.68 per cent of gross advances by December-end 2018, in comparison with 14.26 per cent.

In absolute worth, the gross unhealthy loans have been Rs 28,703.47 crore as in opposition to Rs 21,599.32 crore.

Web NPAs, nonetheless, have been trimmed to six.99 per cent (Rs 10,778.36 crore) by finish of the third quarter as in opposition to 7.72 per cent (Rs 10,858.32 crore) a 12 months in the past.

The availability protection ratio as on 31st December, 2018 stood at 68.47 per cent, Andhra Financial institution mentioned.

Inventory of the financial institution closed 0.42 per cent down at Rs 23.95 on the BSE.

First Revealed on Feb 11, 2019 07:54 pm

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