State-owned Bank of Maharashtra posted a net loss of Rs 182.51 crore for the third quarter ended December 31, 2016, on account of higher provisioning for bad loans.
The Pune-headquartered public sector lender had reported a net profit of Rs 89.06 crore in the October-December quarter of financial year 2015-16.
Total income of the bank stood at Rs 3,473.77 crore during the third quarter, down 0.06 per cent, from Rs 3,475.98 crore in year-ago period, it said in a BSE filing.
Its gross non-performing assets (NPAs) or bad loans soared further to 15.08 per cent of the gross advances as of December 2016, up from 7.97 per cent during the same period a year ago.
Net NPAs too rose to 10.67 per cent of the net advances for the quarter under review from 5.52 per cent a year ago.
Vijaya Bank zooms 20% on strong Q3 results
Vijaya Bank has locked in upper circuit of 20% at Rs 64, also its 52-week high on the BSE, after reported an over four-fold jump in net profit at Rs 230 crore for the quarter ended December 2016 (Q3FY17), due to higher other income. The state-owned bank had profit of Rs 53 crore in the same quarter year ago.
Vijaya Bank has locked in upper circuit of 20% at Rs 64, also its 52-week high on the BSE, after reported an over four-fold jump in net profit at Rs 230 crore for the quarter ended December 2016 (Q3FY17), due to higher other income. The state-owned bank had profit of Rs 53 crore in the same quarter year ago.
Net interest income (interest earned minus interest expended) increased by 22.7% at Rs 906 crore during quarter under review against Rs 738 crore in the corresponding quarter of previous fiscal. Other income jumped nearly three-fold to Rs 577 crore from Rs 209 crore over the previous year.
The bank’s assets quality improved on sequential basis with gross non-performing assets (NPAs) stood at 6.98% of gross advances, as on December 31, 2016 compared with 7.07% in the September 2016 quarter. The net NPAs stood at 4.74% against 5.10% in the preceding quarter.
The bank's gross non-performing assets (NPAs) rose to 6.98 percent as against 4.32 percent in the same quarter last fiscal.
Net NPAs rose to 4.74 percent in the quarter under review compared to 2.98 percent a year ago.
As a result, provision for bad loans have significantly increased to Rs 424.17 crore as against Rs 278.72 crore in the year-ago period.
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