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|Andhra Bank shares down over 4% on disappointing Q4 results|
| PTI |
New Delhi, Wednesday, May 17, 2017 | 17:34 IST
Andhra Bank shares fell by over 4 per cent today after the bank posted 32 per cent decline in net profit for the last quarter of 2016-17 financial year.
Shares of the bank closed down 4.17 per cent at Rs 67.75 on BSE. During the day, the stock tumbled 4.87 per cent to Rs 67.25.
At National Stock Exchange, shares of the company fell by 3.96 per cent to end at Rs 67.85.
The company's market valuation declined by Rs 200.12 crore to Rs 4,614.88 crore.
In terms of volume, 6.20 lakh shares of the company were traded on BSE and over 74 lakh shares changed hands on NSE during the day.
Andhra Bank's net profit declined by 32 per cent to Rs 35.13 crore in the quarter ended March 2017 due to rise in bad loans.
The bank had posted a net profit of Rs 51.60 crore in the corresponding quarter of preceding fiscal.
Gross non-performing assets (NPAs) as of March-end 2017 hit 12.25 per cent as a percentage of gross loans, from 8.39 per cent year ago. Net NPAs or bad loans were of the order of 7.57 per cent, up from 4.61 per cent.
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