Public lender Andhra bank on Saturday said its net profit for the quarter ended March crashed nearly 72 per cent to Rs52 crore due to higher provisioning for NPAs.
The bank clocked Rs185 crore net profit during the same quarter last fiscal. According to a statement issued by the bank, total income in January-March grew 9 per cent to Rs5,124 crore as against Rs4,699 crore in the same quarter in 2014-15. The lender provided for Rs1,023 crore towards provisioning (other than tax) and contingencies for the quarter under discussion compared with Rs 633 crore in the previous fiscal, it said.