Bank of Maharashtra (BoM) on Thursday reported a 49.55 % fall in net profit at Rs 59.44 crore for the first quarter ended June 30 due to a sharp increase in bad loans and higher provisions. The bank had reported a net profit of Rs 117.82 crore in the corresponding quarter of the previous fiscal.
The bank’s net NPA during the quarter increased sharply to 5.04 % as compared to 2.94% same time last year. Operating profit increased by 29.36% to R609.77 crore for the quarter as against Rs 471.36 crore for the same quarter last year.
The bank’s total income in the quarter under review stood at R3,526.13 crore, up 7.30%, against Rs 3,286.12 crore in the same period a year ago.
Provisions and contingencies in the quarter more than doubled to Rs 483.91 crore as against Rs 236.25 crore in the same quarter in previous year. Gross NPA was at 7.86% during the quarter as against 4.23% in the previous year’s corresponding period.