Bank of Maharashtra's Q4 profit falls 20% to ₹57.57 crore
1 min read . Updated: 16 Jun 2020, 08:16 PM ISTThe bank posted a net profit of ₹57.57 crore for the quarter ended March from ₹72.38 crore in the year-ago period.
State owned Bank of Maharashtra on Tuesday reported a drop of 20.46% in its net profit for the quarter ended 31 March, compared to the same period last year, on account of higher provisioning.
The bank posted a net profit of ₹57.57 crore for the quarter ended March from ₹72.38 crore in the year-ago period.
Provisions during the quarter more than doubled to ₹910.11 crore from ₹414.79 crore in the year-ago quarter. In October-December, the bank had set aside ₹917.42 crore in provisions.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 2.26% to ₹1022.50 crore for the March quarter from ₹999.93 crore for the corresponding quarter last year.
Gross non-performing assets (NPAs), as a percentage of total advances, stood at 12.81% in the March quarter compared with 16.77% in the December quarter and 16.40% in the year-ago quarter.
After provisions, the bank's net NPA stood at 4.77% against 5.46% during October-December and 5.52% in the year-ago quarter.
Shares of the bank rose 0.27% to close at ₹11.31 apiece, while the benchmark Sensex gained 1.13% to close at 33,605.22 points
Click here to read the Mint ePaperLivemint.com is now on Telegram. Join Livemint channel in your Telegram and stay updated
RELATED STORIES
×![]()