Bank of Maharashtra Q2 loss at Rs337.15 crore on higher provisions
Mumbai: Bank of Maharashtra on Saturday reported a net loss of Rs.337.15 crore for the September quarter due to higher provisions against the bad loans. This was the third consecutive quarter when the bank reported a loss.
The bank reported a net loss of Rs.337.15 crore in the quarter against a net profit of Rs.72.03 crore from a year ago.
Net interest income (NII), or the core income a bank earns by giving loans, fell 12.8% to Rs.844.64 crore in the September quarter from Rs.969.12 crore a year ago.
Other income increased 15.03% to Rs.283.48 crore from Rs.246.45 crore in the year-ago period.
Gross non-performing assets (NPAs) at the bank rose 10.69% to Rs.14,433.90 crore at the end of the September quarter from Rs.13,039.63 crore in the June quarter. On a year-on-year basis, gross NPAs jumped 80.73% from Rs.7,986.34 crore. As a percentage of total loans, gross NPAs stood at 14.08% at the end of the September quarter as compared to 12.64% in the previous quarter and 7.98% in the year-ago period.
Provisions and contingencies fell 15.86% to Rs.708.86 crore in the quarter from Rs.842.50 crore a quarter ago. On a year-on-year basis, provisions jumped 69.19% from Rs.418.98 crore. Net NPAs were at 9.94% in the September quarter compared to 8.73% in the previous quarter and 5.59% in the year-ago period.
Total deposit rose 2.83% from a year ago to Rs.1.30 trillion while total advances rose 0.32% to Rs.9,768 crore.
On Friday, Bank of Maharashtra shares closed at Rs.29.15 on BSE, down 2.02% from previous close while India’s benchmark Sensex Index fell 0.57% to close at 27,274.15 points.