Bank of Maharashtra reports Q1 net loss of Rs397 crore
Bank of Maharashtra net interest income declined sharply to Rs864.49 crore for the June quarter from Rs1,023.2 crore a year ago
Mumbai: Bank of Maharashtra on Friday reported a net loss of ₹ 397.40 crore for the June quarter against a net profit of ₹ 59.44 crore a year ago.
Four other banks—namely Dena Bank, Central Bank of India, Bank of India, and Allahabad Bank—also reported a net loss on Friday.
Net interest income, or the core income a bank earns by giving loans, declined sharply to ₹ 864.49 crore for the June quarter from ₹ 1,023.2 crore a year ago.
Gross non-performing assets (NPAs) rose to ₹ 13,039.63 crore in the first fiscal quarter from ₹ 7,574.86 crore a year ago.
As a percentage of total loans, gross NPAs stood at 12.64% at the end of the June quarter, compared with 9.34% in the previous quarter and 7.86% in the year-ago quarter. Net NPAs stood at 8.73% compared to 5.04% a year ago.
Capital adequacy ratio stood at 11.53% for the June quarter.
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