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Bank of Maharashtra Q3 net plummets 92 per cent to Rs 16 crore

Bank of Maharashtra reported a 91.8 per cent dip in net profit at Rs 15.8 crore for the third quarter that ended in December 2013, on higher provisioning for bad loans.

The Pune-based public sector lender had posted a net profit of Rs 194.06 crore for the corresponding period a year ago, it said in a filing to the BSE.

Total income in the third quarter of the ongoing fiscal year (FY14) increased to Rs 3,307.49 crore, from Rs 2,710.16 crore in the year-ago period, the filing noted.

Provisions other than tax and contingencies during the quarter under review increased three-fold to Rs 407.78 crore as against Rs 143.89 crore in the same period of last fiscal year.

Operating profit also declined to Rs 425.01 crore, as against Rs 525.01 crore in the year-ago period.

As of December 31, Bank of Maharashtra's portfolio quality deteriorated further, with gross NPAs rising to 4.01 per cent of gross advances, as against 1.71 per cent a year ago.

Net NPAs during the third quarter rose to 2.56 per cent, from 0.66 per cent in the comparable period last fiscal year.

Meanwhile, the bank declared an interim dividend of Re 1 per share or 10 per cent of paid up capital for 2013-14.

During the nine months to December 2013, or the first three quarters of FY14, net profit of the lender declined 34 per cent to Rs 329.01 crore, as against Rs 500.53 crore in the corresponding period of 2012-13.

Total income rose to Rs 9,478.37 crore for the nine months, from Rs 7,361.55 crore in the year-ago period.

Shares in Bank of Maharashtra, on Friday, ended at Rs 34.80 apiece on the BSE, down 0.14 per cent from the previous close.

Read full story here: www.ndtv.com

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