"The delay in loan waiver resulted in farmers not repaying their loans. This has resulted in farm loans worth Rs 1,078 crore turning into non-performing assets (NPAs)," its Chairman and Managing Director, C V R Rajendran told newspersons on Saturday.
Andhra Bank 's net profit decreased 53 per cent at Rs 107 crore in the first quarter ended June 30, 2014, compared to Rs 231 crore in the year-ago period.
"The delay in loan waiver resulted in farmers not repaying their loans. This has resulted in farm loans worth Rs 1,078 crore turning into non-performing assets (NPAs)," its Chairman and Managing Director, C V R Rajendran told newspersons on Saturday.
The bank, which was expecting a better performance this quarter due to the strong recovery of NPAs in other sectors totalling Rs 1,000 crore, had difficulty in getting board approval for the results. "We had to explain in detail to get the accounts approved," the CMD said.
Net interest income had gone up by 12.5 per cent to Rs 3,810 crore from Rs 3,386 crore. The net interest margin (NIM) came down to 2.14 per cent. Without agricultural NPAs, it would have been above 3 per cent.
The net NPAs had gone up to 3.89 per cent (3.11 per cent). For the full year, the bank is expecting to register 16 to 20 per cent credit growth with a NIM of about 3 per cent, Rajendran said.
Andhra Bank had requested a capital infusion of Rs 800 crore from the Government this year and is expecting a response.
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