Bank of Maharashtra reports Q1 net loss of Rs397 crore
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Mumbai: Bank of Maharashtra on Friday reported a net loss of Rs.397.40 crore for the June quarter against a net profit of Rs.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 Rs.864.49 crore for the June quarter from Rs.1,023.2 crore a year ago.
Gross non-performing assets (NPAs) rose to Rs.13,039.63 crore in the first fiscal quarter from Rs.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.