State-owned Bank of Maharashtra today reported a widening of its net loss to Rs
412.20 crore for the first quarter ended June of the current fiscal as gross
bad loans zoomed.The bank's net
loss in the corresponding April-June period of the previous fiscal was at Rs
397.40 crore.
There was a
sharp deterioration in the bank's asset quality as gross non-performing assets,
or bad loans, hit 18.59 percent of the gross advances as on June 30, 2017 from
12.64 percent in the same period ended June 30, 2016, the bank said in a
regulatory filing.Sequentially,
gross NPAs rose from 16.93 percent as on March 31, 2017.
Net NPAs also
jumped to 12.48 percent of the net loans disbursed by June-end from that of
8.73 percent in the corresponding period a year earlier. As on end-March 2017,
net NPA proportion was 11.76 percent.
In absolute
terms, gross NPAs stood at Rs 18,049.23 crore by end-June 2017, up from
13,039.63 crore as on June 30, 2016. Net NPAs were Rs 11,259.04 crore against
Rs 8,609.44 crore during the two comparable periods.
This resulted in
a 33.2 percent rise in NPA provisions from year ago to Rs 1,157.54 crore for
April-June period of 2017-18 against Rs 869.09 crore in the year-ago period.
Total income of
the bank fell to Rs 3,209.84 crore in the three months to June of 2017-18, as
against earnings of Rs 3,444.15 crore in the same quarter a year ago.
Bank of
Maharashtra said it sold advances of Rs 50.86 crore to asset reconstruction
company at a loss of Rs 5.53 crore during the June quarter of 2017-18."During the
quarter ended June 30, 2017, loans and advances amounting to Rs 47.71 crore
have been classified as fraud in terms of RBI circulars...and the entire amount
is provided for during the quarter," it said.
The Pune based
lender said it has made incremental provision of Rs 3.87 crore during the June
quarter as per Reserve Bank's asset quality review (AQR).As on June 30,
2017 the bank's non-performing loans provision coverage ratio (PCR) was 47.32
percent (44.48 percent on March 31, 2017).
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