Andhra Bank seeks to sell $209 million worth bad loans to asset reconstruction companies

Andhra Bank is seeking to sell bad loans worth about $209 million to asset reconstruction companies, according to a newspaper advertisement on Monday.

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

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