HYDERABAD : Andhra Bank on Monday posted a net loss of Rs 540 crore in the quarter ended June 30 of financial year 2018-19. Total business of the bank for the quarter increased by 8.8 per cent Year-on-Year. Total business stood at Rs3,63,475 crore compared to Rs3,34,073 crore it posted in the corresponding quarter the previous year. For the same period, total deposits also grew by 7.81 per cent to Rs2,02,968 crore.
However, in spite of increase in business, Andhra Bank saw a net loss of Rs 540 crore in the quarter owing to higher provisioning and contingencies. Even for the full financial year, it posted a net loss of Rs 3,413 crore.Regarding the asset quality, the bank’s Gross Non-Performing Asset ratio reduced from 17.09 per cent in March 2018 to 16.69 per cent in June 2018. NNPA ratio reduced from 8.48 per cent in March 2018 to 7.96 per cent in June 2018.