Andhra Bank Q1 net falls 84% to Rs 31 crore



Andhra Bank on Saturday reported a lofty 84.64 for each penny drop in net benefit at Rs 31.09 crore for the quarter finished June, 2016 under the effect of an ascent in crisp slippages. The bank's net benefit was Rs 202 crore in the relating quarter earlier year.

The aggregate pay for the quarter grew 7.2 for each penny at Rs 4,855.50 crore when contrasted with Rs 4,529.23 crore in the year prior period.

The proportion of net non-performing resources (NPAs) dramatically increased to 6.21 for each penny amid the quarter when contrasted with 2.99 for every penny in the relating past quarter. The gross NPAs rose to 10.30 for each penny from 5.75 for every penny in the year prior period.

"New slippages topped to Rs 3,500 crore in this quarter from a level of Rs 2,500 crore in each of the last two quarters. While the anxiety is proceeded with stay in the framework we trust that there will be a decrease in slippages going ahead," Andhra Bank overseeing chief and CEO Suresh N Patel said.

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In spite of the NPA issues the bank could expand the working benefit by 21 for every penny, he included.

The net benefit took a major hit as the bank needed to make a provisioning of Rs 969 crore, which has verging on killed the expansion in working benefit rose to Rs 1,000 crore when contrasted with Rs 826 crore in the year back period. A provisioning of Rs 623 crore was made in the quarter finished June, 2015, as indicated by the bank.

Consecutively there was a decrease in all out salary and additionally the working benefit when contrasted with Rs 5,124.37 crore and Rs 1,173.38 center separately in the quarter finished March, 2016.

Patel said very nearly 80 for each penny of the crisp slippages were accounted for from 15-17 accounts that generally have a place with vitality and framework. The bank has expanded its income and edges by extending the retail credit portfolio, which grew 26.5 for each penny amid the quarter, as indicated byhim. For the entire of this current year the bank hopes to see a business development of 13-14 for each penny.

Reacting to an inquiry bank Patel said that so far we have not got any reference to consider for the Reserve Bank of India (RBI's) plan for Sustainable Structuring of Stressed Assets which was presented as of late.

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