Bank of Maharashtra clocks Rs 81 cr profit in Q1; net bad loans more than halve to 5.98%

State-owned Bank of Maharashtra on Monday reported a net profit of Rs 81.10 crore for the June quarter of 2019-20 financial year as bad assets fell substantially

Press Trust of India July 29, 2019 15:42:00 IST
Bank of Maharashtra clocks Rs 81 cr profit in Q1; net bad loans more than halve to 5.98%
  • The bank registered a net loss of Rs 1,119 crore during the year-ago period

  • Total income in the latest quarter rose to Rs 3,191.88 crore from Rs 2,987.10 crore in the same period of 2018-19, the bank said

  • Gross non-performing assets (NPAs) were down to 17.90 percent of gross advances at June-end 2019 from 21.18 percent at the end of June 2018

New Delhi: State-owned Bank of Maharashtra on Monday reported a net profit of Rs 81.10 crore for the June quarter of 2019-20 financial year as bad assets fell substantially.

The bank registered a net loss of Rs 1,119 crore during the year-ago period.

Total income in the latest quarter rose to Rs 3,191.88 crore from Rs 2,987.10 crore in the same period of 2018-19, the bank said in a regulatory filing.

Bank of Maharashtra clocks Rs 81 cr profit in Q1 net bad loans more than halve to 598

Representational image. Reuters.

Gross non-performing assets (NPAs) were down to 17.90 percent of gross advances at June-end 2019 from 21.18 percent at the end of June 2018.

Net NPAs or bad loans were at 5.98 percent compared to 12.20 percent as on 30 June, 2018. In absolute value, gross NPAs stood at Rs 16,649.58 crore by the end of June quarter this fiscal, as against Rs 17,800.30 crore by June 2018.

Net NPAs were Rs 4,856.27 crore, down from Rs 9,195.01 crore in the year-ago period.

Thus, provisioning for bad loans and contingencies for April-June 2019 fell down to Rs 920.71 crore from Rs 1,632.88 crore in the same quarter of previous fiscal.

Stock of the bank was trading 1.38 percent down at Rs 14.30 on the BSE.

Updated Date:

also read

Israeli settler population in West Bank surpasses half a million
World

Israeli settler population in West Bank surpasses half a million

Settlements have flourished under every Israeli government, including at the height of the peace process in the 1990s

Bank of America customers report money disappearing from their accounts; here's what happened
Business

Bank of America customers report money disappearing from their accounts; here's what happened

US Senator Elizabeth Warren tweeted that Bank of America and Zelle are seemingly failing customers once again

Palestine cuts security ties with Israel over Jenin raid
World

Palestine cuts security ties with Israel over Jenin raid

At least nine people were killed in the raid, Palestinian authorities said. The last time Mahmud Abbas made such an announcement was in May of 2020, in response to Israeli plans to annex parts of the West Bank