Public sector Bank of Maharashtra today said its net loss widened to Rs 455.45 crore in the March quarter due to higher provisioning for bad loans. The bank had logged a net loss of Rs 119.84 crore in the corresponding March quarter a year ago. The loss during the quarter also expanded sequentially when compared to December quarter’s Rs 182.51 crore loss, it said in a regulatory filing.For the entire fiscal 2016-17, total loss stood at Rs 1,372.51 crore, against a net profit of Rs 100.69 crore in the preceding 2015-16 fiscal.
The Pune-based lender witnessed its gross non-performing assets(NPAs) or bad loans almost doubling to 16.93 per cent of gross advances at the end of March 2017 from 9.34 per cent a year ago. Net NPAs by March 31 rose to 11.76 per cent of net advances, almost twice of 6.35 per cent of net loans a year ago. Thus, provisions and contingencies rose to Rs 1,833.37 crore for the quarter from Rs 679.51 crore a year ago.
Of this, provisions to cover bad loans were Rs 1,742.76 crore, against Rs 791.34 crore a year earlier. For the full fiscal 2016-17, income also came down to Rs 13,570.03 crore from Rs 14,072.27 crore in the preceding year. The bank has not declared any dividend for the year 2016 -17. Stock of Bank of Maharashtra closed 0.92 per cent down at Rs 37.52 on BSE.