State-owned Andhra Bank today recorded a 74.4 per cent decline in net profit to Rs 88.08 crore in the fourth quarter ended March 31 on account of rise in provision for bad loans.
The bank had posted a profit of Rs 344.58 crore in the January-March quarter of 2012-13, according to Andhra Bank filing to the BSE.
Total income of the bank increased to Rs 4,057.89 crore from Rs 3,713.03 crore.
During the quarter, provisions and contingencies of the bank rose to Rs 711.42 crore against Rs 355.13 crore in the same period a year ago.
Provision for bad loans during January-March quarter rose to Rs 666.65 crore from Rs 187.86 crore in the same period a year ago.
For 2013-14, net profit slipped 66 per cent to Rs 435.58 crore from Rs 1,289.13 crore in the previous financial year.
Total income in 2013-14 rose to Rs 15,830.16 crore from Rs 13,957.11 crore in 2012-l3.
The bank's gross non-performing assets (NPAs) as a percentage of total advances rose to 5.29 per cent from 3.71 per cent in the same quarter a year ago.
Net NPAs increased to 3.11 per cent from 2.45 per cent at the end of March 2013.
However, Andhra Bank shares rose by 2.45 per cent to Rs 64.80 at the close on the BSE Sensex.