Bank of Maharashtra posts loss for fourth straight quarter
Bank of Maharashtra reported a loss of Rs182.51 crore in the December quarter, versus a net profit of Rs89.06 crore a year ago
Mumbai: Bank of Maharashtra on Tuesday posted a loss for the fourth straight quarter as bad loans continued to mount and provisions soared.
The bank reported a loss of Rs182.51 crore in the December quarter, versus a net profit of Rs89.06 crore a year ago.
Net interest income (NII) or the core income a bank earns by giving loans fell 27.7% to Rs702.14 crore from Rs971.43 crore last year. Other income increased 150.11% to Rs552.26 crore from Rs220.81 crore in the same period last year.
Provisions and contingencies surged 69.7% to Rs585.41 crore in the quarter from Rs345.01 crore a year ago.
Gross non-performing assets (NPAs) rose 6.8% to Rs15,417.65 crore at the end of the December quarter from Rs14,433.90 crore in the September quarter. On year-on-year basis, it jumped 85.72% from Rs8,301.62 crore.
As a percentage of total loans, gross NPAs stood at 15.08% at the end of the December quarter as compared to 14.08% in the previous quarter and 7.97% in the year ago quarter.
Net NPAs were at 10.67% in the December quarter compared to 9.94% in the previous quarter and 5.52% in the same quarter last year.
On Tuesday, shares of Bank of Maharashtra closed at Rs33.30 on BSE, up 2.5% from previous close while India’s benchmark Sensex Index fell 0.7% to end at 27,655.96 points.