Bank of Maharashtra returns to profitability on better asset quality1 min read . Updated: 29 Apr 2019, 06:37 PM IST
- Bank of Maharashtra posts Q4 profit of ₹72.38 crore against loss of ₹113.51 crore in the year-ago period
- Its Q4 total income rises to ₹3,160.79 crore from ₹3,094.46 crore last fiscal
MUMBAI : State-run Bank of Maharashtra (BoM) Monday reported a net profit of ₹72.38 crore in the quarter to March as against a net loss of ₹113.51 crore in the year-ago period.
The bank, however, reported a net loss of ₹4,783.88 crore for full year to March 2019, more than four times the loss it had reported in FY18 at ₹1,145.65 crore.
Total income rose to ₹3,160.79 crore in the reporting quarter from ₹3,094.46 crore in the same period last fiscal year, the lender said in a statement.
Gross non-performing assets improved to 16.40% from 19.48%, while net NPA more than halved to 5.52% from a high 11.24%.
The lender restructured 7,556 MSME accounts amounting to ₹411.69 crore during the year and treated them as standard assets.
In the reporting quarter, the bank classified loans worth ₹410.62 crore as fraud as per the RBI guidelines and holds 100% provisions for them. For the entire year, it had classified ₹1,448 crore as fraud.
Of the 17 accounts referred by the RBI to bankruptcy tribunals, the bank sees uncertainty in recovery and has made 100% provisions worth ₹4,857 crore.
During the year, the bank made ₹387.53 crore in provisions for all performing and non-performing accounts of the bankrupt IL&FS, the bank said.