Bank of Maharashtra Q1 loss nearly trebles to Rs 1,119 crore as NPAs spike
Bank of Maharashtra had reported reported a net loss of Rs 412.20 crore in the April-June period of 2017-18.
New Delhi: Bank of Maharashtra's June quarter net loss nearly trebled to Rs 1,119 crore as bad loans spiked, resulting into higher provisioning coverage.
The bank had reported a net loss of Rs 412.20 crore in the April-June period of 2017-18.
Total income during the reported quarter fell to Rs 2,987.10 crore as against Rs 3,209.84 crore in the year-ago period, the bank said in a BSE filing.
The interest income was down 4 percent to Rs 2,640.55 crore from Rs 2,744.89 crore in the year-ago period.
The bank's gross non-performing assets (NPAs) worsened to 21.18 percent of the gross advances by June-end 2018 against 18.59 percent by June last year.
In value terms, gross bad loans or NPAs were at Rs 17,800.30 crore by the end of the quarter as compared to Rs 18,049.23 crore by June 2017.
Net NPAs, however, fell to 12.20 percent of net advances (Rs 9,195.01 crore) from 12.48 percent (Rs 11,259.04 crore) in year-ago June quarter.
Provisioning for NPAs also increased to Rs 1,510.10 crore from Rs 1,157.54 crore in the year-ago period.
Overall provisions and contingencies were Rs 1,632.88 crore in the June quarter as against Rs 1,151.60 crore in the year-ago period.
The return on assets further fell to (-) Rs 2.83 for the quarter from (-) Rs 1.03 a year ago.
Total assets of the bank were down at Rs 1,51,045.11 crore as on June 30 2018 from Rs 1,53,739.59 crore.
The stock of the bank traded 2.45 percent down at Rs 13.13 on BSE.
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Provision for bad loans witnessed nearly a two-fold increase to Rs 6,340 crore, against Rs 3,358.58 crore in the year-ago period
Total income of the private lender increased to Rs 1,526.19 crore during the quarter under review, up 8.55 percent from Rs 1,405.95 crore a year ago