Andhra Bank shares fall 2.3% on dip in Q4 profit

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Hyderabad: Shares of state-owned Andhra Bank fell as much as 2.3% in early trading on Monday after the lender reported a 72% dip in net profit for the fiscal fourth quarter on Saturday on a sharp increase in bad loan provisions.

Net profit fell to Rs.52 crore in the three months ended 31 March from Rs.185 crore in the year-ago quarter. Provisions rose 37.2 % to Rs.1,122 crore from Rs.818 crore. For the full year to 31 March, provisions rose 28.6% to Rs.3,420 crore.

Gross non-performing assets surged to Rs.6,036 crore in the financial year fromRs.3,689 crore.

Shares of Andhra Bank fell to Rs.49.60 at the start of trading on Monday before recovering to Rs.50.40, down 0.69%. The benchmark Sensex was trading up 1.43% at 25,588.45 points.