Andhra Bank has posted a net loss of Rs 2,636 crore for the fourth quarter ended March 31, 2018 against a profit of Rs 35 crore in the corresponding quarter previous fiscal. The public sector bank has attributed the huge loss to higher provisioning for bad loans.

Total income was down by six per cent at Rs 5,093 crore against Rs 5,425 crore. The bank had made provisioning of Rs 3,902 crore towards contingencies during the fourth quarter against Rs 1,399 crore in the same period of the previous fiscal.

For the full year ended March 31, 2018, Andhra Bank posted a net loss of Rs 3,413 crore against a profit of Rs 174 crore in the previous fiscal.

According to a bank statement, gross NPAs stood at Rs 28,124 crore as of March 31, 2018 against Rs 17,670 crore in the previous fiscal. Business grew 9.70 per cent to Rs 3,72,605 crore (Rs 3,37,693 crore).

During the financial year, the bank had raised Rs 500 crore via Tier -I bonds and Rs 1,000 crore via Tier-II bonds. The Government had infused an equity of Rs 1,890 crore as part of re-capitalisation exercise through recapitalisation bonds.

Andhra Bank has 2,911 branches and 4,009 ATMs with total delivery channels put at 6,958.

Providing sectoral insights, the bank said its retail credit portfolio registered a growth of 41.53 per cent year-on-year from Rs 27,541 crore to Rs 38,979 crore and housing loan portfolio registered a growth of 29.35 per cent from Rs 13,870 crore to Rs 17,941 crore.

Priority sector advances were up at Rs 70,121 crore, registering a growth of 13.67 per cent. While deposits grew 6.46 per cent to Rs 64,534 crore, advances were up 14.08 per cent at Rs 1,64,535 crore.

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