Andhra Bank to sell Rs 1388 crore worth bad loans to ARCs: Report

Public sector lender, Andhra Bank is reportedly planning to sell bad loans worth about Rs 1388 crore ($209 million) to asset reconstruction companies (ARCs). The bad loans are in 29 accounts.

Recently, the Bank has reported 73.89% rise in its net profit at Rs 251.26 crore for the quarter ended September 30, 2015 as compared to Rs 144.49 crore for the same quarter in the previous year. The bank’s gross NPAs have improved to 5.71% for the quarter as against 5.99% in the same quarter previous year.