BackBank of Maharashtra Q4 net loss at Rs455.45 crore
Bank of Maharashtra's Q4 net interest income falls 16.6% to Rs763.42 crore from Rs914.95 crore in the year-ago period
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Mumbai: Bank of Maharashtra on Thursday reported a net loss of Rs455.45 crore in the March quarter on steep increase in bad loan provisions.
However, the loss was restricted due to a tax write-back of Rs951.83 crore in the quarter compared to tax paid of Rs19.67 crore a year ago. This was the fifth consecutive quarter when the bank reported a loss. In March 2016, the bank reported a loss of Rs119.84 crore.
Provisions surged nearly 170% to Rs1,833.37 crore against Rs679.51 crore a year ago. They rose 213.2% quarter-on-quarter from Rs585.41 crore.
Gross non-performing assets (NPAs) rose 65.50% to Rs17,188.71 crore at the end of the March quarter from Rs10,385.85 crore a year ago. The bank reported gross NPA of Rs15,417.65 crore a quarter ago.
As a percentage of total loans, gross NPAs stood at 16.93% at the end of the March quarter compared with 15.08% in the previous quarter and 9.34% in the year-ago quarter. Net NPAs were at 11.76%, compared with 10.67% in the previous quarter and 6.35% in the same quarter last year.
Net interest income, or the core income a bank earns by giving loans, fell 16.6% to Rs763.42 crore from Rs914.95 crore in the year-ago period. Non-interest income rose 10.7% to Rs384.44 crore from Rs347.16 crore in the same period last year.
At 2.15pm, Bank of Maharashtra was trading at Rs37.50 on BSE, down 1% from its previous close, while India’s benchmark Sensex index rose 0.84% to 30,145.23 points.
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