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Shares of Andhra Bank touched its lowest in over 2 weeks. The stock plummeted as much as 4.85 per cent to Rs 32.40.
Andhra Bank has posted a net loss of Rs 540 crore in the first quarter ended June 30, 2018 on higher provisions and contingencies. It had earned Rs 40 crore profit in the corresponding quarter of the previous year.
Provisions and contingencies jumped to Rs 1,708 crore from Rs 1,301 crore. While the total business increased 8.8 per cent year-on-year to Rs 3,63,474 crore (Rs 3,34,073 cr), net interest income posted a modest growth of 1.39 per cent at Rs 1,461 crore. Net Non-Performing Assets (NPAs) stood at 7.96 per cent. The loss per share was at Rs 18.01.
Up to last close, Andhra Bank shares had had fallen 41 per cent this year.
(With inputs from Reuters)
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