Bank of Maharashtra Q1 loss widens to Rs 1,119 crore
Bank of Maharashtra’s Q1 loss widens to Rs 1,119 crore from Rs 412.20 crore a year ago as bad loans continue to mount and provisions soar
Mumbai: Bank of Maharashtra Ltd on Friday reported a loss for the 10th consecutive quarter as bad loans continued to mount and provisions soared. The bank said its June quarter loss widened to Rs 1,119 crore from Rs 412.20 crore a year ago.
The bank reported a tax write back of Rs 43.56 crore in the quarter, compared to Rs 205.92 crore in the same period last year. The bank would have reported higher loss if there was no tax write back.
Provisions and contingencies rose 41.8% to Rs 1,632.88 crore in the quarter from Rs 1,151.60 crore a year ago. On a quarter-on-quarter basis, they fell 20% from Rs 2,040.58 crore.
Gross non-performing assets (NPAs) fell marginally 1.38% to Rs 17,800.30 crore at the end of the June quarter from Rs 18,049.23 crore in the same quarter last year.
As a percentage of total loans, gross NPAs stood at 21.18% as compared to 19.48% in the previous quarter and 18.59% in the year-ago quarter. Net NPAs were at 12.2% in the June quarter compared to 11.24% in the previous quarter and 12.48% in the same quarter last year.
Net interest income (NII), or the core income a bank earns by giving loans, was up 24% to Rs 858.49 crore versus Rs 692.80 crore last year. Other income declined 25.5% to Rs 464.95 crore.
At 2.36pm, the stock was trading at Rs 12.95 on BSE, down 4% from previous close, while the Sensex rose 1.06% to 37,558.01 points.