Andhra Bank takes large NPA hit from iron & steel and infra sectors
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BS ReporterHyderabad, 16 March: Iron and Steel and infrastructure sectors contributed to almost 50 percent of Andhra Bank's gross non-performing assets (NPAs) as the bank continues to witness more slippages during the current financial year. A fresh Rs 58.35Andhra Bank takes large NPA hit from iron & steel and infra sectors
BS ReporterHyderabad, 16 March: Iron and Steel and infrastructure sectors contributed to almost 50 percent of Andhra Bank's gross non-performing assets (NPAs) as the bank continues to witness more slippages during the current financial year. A fresh Rs 58.35 billion were added to the gross NPAs during the first three quarters of the year while the bank was able to reduce the existing NPAs worth of Rs 19.05 billion during the same period. As a result the total gross NPAs rose to Rs 215.99 billion from Rs 176.7 billion at the beginning of the financial year, taking the ratio to an all time high of 14.26 percent.Most of the bank's exposure to Iron and Steel industry resulted in to NPAs. As much as Rs 51.18 billion outstanding loan went bad out of the total exposure of Rs 78 billion. With Rs 41.73 billion in NPAs, infrastructure sector came close second even though this sector has had the largest size of write-offs at Rs 3.63 billion followed by textiles-cotton sector with Rs 1.53 ... Read more