Bank of Maharashtra Q1 net drops 50% to Rs 59 cr on higher provisioning

Bank of Maharashtra Q1 net drops 50% to Rs 59 cr on higher provisioning

Bank of Maharashtra has reported a 49.55 per cent fall in net profit at Rs 59.44 crore for the quarter ended June 30, hurt by a sharpincrease in bad loans and higher provisions.

The bank had reported a net profit of Rs 117.82 crore in the corresponding quarter of the previous fiscal.

The bank’s total income in the quarter under review stood at Rs 3,526.13 crore, up 7.30 per cent against Rs 3,286.12 crore in the same period a year ago.

Provisions and contingencies in the quarter more than doubled to Rs 483.91 crore as against Rs 236.25 crore in the same quarter in previous year.

Net non-performing assets (NPA) of the bank during the first quarter increased sharply to 5.04 per cent as against 2.94 per cent during the corresponding period a year ago.

Shares of Bank of Maharashtra were trading at Rs 35.10 apiece in the afternoon session, down 3.57 per cent from their previous close on the BSE.