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Andhra Bank seeks to sell $209 mln worth bad loans to ARCs

Reuters

MUMBAI (Reuters) - 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 percent 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 percent from 5.75 percent in the first quarter. ($1 = 66.4200 rupees) (Reporting by Devidutta Tripathy; Editing by Gopakumar Warrier)