India’s Andhra Bank seeks to sell $209 mn worth bad loans to ARCs

MUMBAI: India’s state-run Andhra Bank is seeking to sell bad loans worth about 13.88 billion rupees ($209 million) to asset reconstruction companies, according to a newspaper advertisement on Monday.

The bad loans are in 29 accounts, the bank said in the advertisement.

Andhra Bank on Saturday reported a 74 per cent increase in its second-quarter net profit to 2.51 billion rupees from a year earlier. Its gross bad loan ratio eased to 5.71 per cent from 5.75 per cent in the first quarter.

Read full article: The Economic Times