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Andhra Bank has earned a net profit of ₹70 crore in the second quarter ended September 30, 2019. In the corresponding quarter of the previous financial year, the bank posted a loss of ₹434 crore.
A 24 per cent reduction in provisions and contingencies and 7 per cent increase in operating profit, among others, resulted in the net profit, the bank said in a release on Thursday. Net interest income decreased by 2 per cent to ₹1,694 crore (₹1,728 crore), while net interest margin, too, came down to 3.23 per cent (3.44 per cent).
The gross and net non-performing assets stood at 16.91 per cent and 5.95 per cent, respectively.
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