Bank of Maharashtra Q4 result, net loss at Rs455.45 crore

Bank of Maharashtra on Thursday reported a net loss of Rs455.45 crore in the March quarter on steep increase in bad loan provisions.

However, the loss was restricted due to a tax write-back of Rs951.83 crore in the quarter compared to tax paid of Rs19.67 crore a year ago. This was the fifth consecutive quarter when the bank reported a loss. In March 2016, the bank reported a loss of Rs119.84 crore.

Provisions surged nearly 170% to Rs1,833.37 crore against Rs679.51 crore a year ago. They rose 213.2% quarter-on-quarter from Rs585.41 crore.

Gross non-performing assets (NPAs) rose 65.50% to Rs17,188.71 crore at the end of the March quarter from Rs10,385.85 crore a year ago. The bank reported gross NPA of Rs15,417.65 crore a quarter ago.

As a percentage of total loans, gross NPAs stood at 16.93% at the end of the March quarter compared with 15.08% in the previous quarter and 9.34% in the year-ago quarter. Net NPAs were at 11.76%, compared with 10.67% in the previous quarter and 6.35% in the same quarter last year.

Net interest income, or the core income a bank earns by giving loans, fell 16.6% to Rs763.42 crore from Rs914.95 crore in the year-ago period. Non-interest income rose 10.7% to Rs384.44 crore from Rs347.16 crore in the same period last year.