Click here to Download Android App of Latest Bank Update

Do you want to share your banking article with the viewers of Latest Bank Updates...
Send on

Back to Top

Like Latest Bank Updates on Facebook

Contact Us

Bank of Maharashtra(BoM) Q1 net loss widens

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).


No comments:

Post a Comment

Important keywords

Abhyudaya Co-op Bank Ltd AIBEA AIBOA AIBOC Allahabad Bank Andhra Bank Arunachal Pradesh Rural Bank Assam Co-operative Apex Bank Ltd Atal Pension Yojana(APY) Axis Bank Balance inquiry number BaNCS Bandhan Bank Bank of Baroda Bank of India Bank of Maharashtra Bankers Banks Banks Board Bureau BEFI Bharatiya Mahila Bank Bipartite Settlement CANARA BANK Cash Reserve Ratio(CRR) Catholic Syrian Bank CBS CENTRAL BANK OF INDIA Cheque Truncation System City Union Bank Corporation Bank COSMOS Bank Credit Card Credit Officer DA DCB Bank Dena Bank Dhanlaxmi Bank Federal Bank Finacle FRDI Gandhinagar Nagarik Co. Op. Bank GSC Bank HDFC Bank IBA IBPS ICICI Bank IDBI Bank IDFC Bank India Post Payments Bank Limited INDIAN BANK Indian Overseas Bank IndusInd Bank J & K Bank Kalol Nagrik Sahakari Bank Kangra Central Co-operative Bank Karnataka Bank Karur Vysya Bank Kerala Gramin Bank Kotak Mahindra Bank Lakshmi Vilas Bank Langpi Dehangi Rural Bank Meghalaya Rural Bank Mehsana Urban Co. Operative Bank Ltd Mizoram Rural Bank NABARD Nagaland Rural Bank Nainital Bank NPA NPCI NPS Oriental Bank of Commerce PPF Pradhan Mantri Sneh Bandhan Yojana Prompt Corrective Action Punjab & Sind Bank Punjab National Bank Q1 Results Q1FY17 Q1FY18 Q2 Results Q2FY17 Q2FY18 Q3 results Q3FY17 Q3FY18 Q4 Results Q4FY16 Q4FY17 Rajkot Nagarik Sahakari Bank RBI RBL Bank SBBJ South Indian Bank Sovereign Gold Bonds Specialist Officer SSBEA State Bank of Hyderabad state bank of india State Bank of Mysore State Bank of Patiala State Bank of Travancore strike Sukanya Samriddhi SYNDICATE BANK The Kalupur Co-Operative Bank UCO Bank UFBU Unified Payments Interface Union Bank of India United Bank of India UPI USSD Vijaya Bank Yes Bank

Contact Form


Email *

Message *