Bank of Maharashtra clocks ?81 crore profit in June quarter

Bank of Maharashtra

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

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

Total income in the latest quarter rose to ?3,191.88 crore from ?2,987.10 crore in the same period of 2018-19, the bank said in a regulatory filing. Gross non-performing assets (NPAs) were down to 17.90 per cent of gross advances at June-end 2019 from 21.18 per cent at the end of June 2018.

Net NPAs or bad loans were at 5.98 per cent compared to 12.20 per cent as on June 30, 2018. In absolute value, gross NPAs stood at ?16,649.58 crore by the end of June quarter this fiscal, as against ?17,800.30 crore by June 2018. Net NPAs were ?4,856.27 crore, down from ?9,195.01 crore in the year-ago period.

Thus, provisioning for bad loans and contingencies for April-June 2019 fell down to ?920.71 crore from ?1,632.88 crore in the same quarter of previous fiscal. Stock of the bank was trading 1.38 per cent down at ?14.30 on the BSE.

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