BackBank of Maharashtra Q2 net profit slips 72% to `47 crore
Bank of Maharashtra's total income in the September quarter rose to `3,196.56 crore from `2,434.09 crore a year ago
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New Delhi: Public sector lender Bank of Maharashtra (BoM) on Tuesday reported 72% decline in net profit to ₹ 46.85 crore for the July-September quarter on account of higher provisioning against bad loans. It had posted net profit of ₹ 166.01 crore for the same period of last fiscal, 2012-13.
However, the total income in Q2 2013-14 increased to ₹ 3,196.56 crore from ₹ 2,434.09 crore in the year-ago period. The provision of the bank rose to ₹ 323.23 crore as compared to ₹ 222.53 crore in the same period a year ago, BoM said in a filing to the BSE.
During the first half of the current fiscal, the bank’s net profit rose by just 2.2% at ₹ 313.18 crore, as against ₹ 306.47 crore in H1 2012-13.
The total income rose to ₹ 6,170.87 crore in the first six months from ₹ 4,651.39 crore in the year-ago period.
As of 30 September 2013, the bank’s portfolio quality deteriorated further, with gross non-performing assets (NPAs) rising to 2.77% of gross advances, as against 2% a year ago.
Its net NPAs during Q2 2013-14 also rose to 1.76% from 0.88%.
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