Bank of Maharashtra reduced its March quarter loss sharply to Rs 113.51 crore on
sequential as well as year-on-year basis.
Higher operational
income (due to lower employee cost) and net interest income helped the bank cut
losses.Loss for the quarter
ended March 2017 stood at Rs 455.5 crore and for the December quarter at Rs
596.70 crore.
Net interest income, the
difference between interest earned and interest expended, grew by 15.4 percent
year-on-year to Rs 881.2 crore in March quarter while other income
(non-interest income) increased 4.6 percent to Rs 402 crore.
Operating profit during
the quarter jumped 28.3 percent to Rs 546.73 crore due to cut in employee cost.
Asset quality weakened
further during the quarter, with gross non-performing assets as a percentage of
advances rising to 19.48 percent (from 19.05 percent QoQ) and net
non-performing assets increasing to 11.24 percent (from 12.17 percent QoQ) for
the quarter ended March 2018.
Provisions and
contingencies shot up 38.4 percent sequentially (up 11.3 percent YoY) to Rs
2,040.6 crore in Q4FY18.
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