Bank of Maharashtra cuts loss by 93% but NPAs go up to 18.54%

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New Delhi | November 11, 2017 3:56 AM

Total income went up marginally to Rs 3,303.62 crore during Q2FY18. The bank has had to make additional provisioning of Rs 832.89 crore for 10 accounts covered under the Insolvency and Bankruptcy Code.

bank of maharashtra, bank of maharashtra profitBank of Maharashtra reported a 93% reduction in net loss to Rs 23.24 crore during Q2FY18. (Photo: YouTube)
Bank of Maharashtra reported a 93% reduction in net loss to Rs 23.24 crore during Q2FY18. BoM’s operating profit went up by 62% during the quarter to Rs 692 crore from Rs 427 crore a year ago. Total income went up marginally to Rs 3,303.62 crore during Q2FY18. The bank has had to make additional provisioning of Rs 832.89 crore for 10 accounts covered under the Insolvency and Bankruptcy Code. This will be spread across three quarters with Rs 277.63 crore provided for in Q2FY17 and remaining  Rs 555.26 crore to be spread over remaining two quarters.
Gross NPAs during Q2FY18 was up 18.54% from 14.08% a year ago. Similarly, net NPA stood at 12.68% compared from 9.94% earlier. Gross NPA during the quarter was at Rs 17,239.27 crore (`14,433.90 crore Q2FY17). Net NPA was at Rs 10,0990 crore (`9,713.13 crore Q2FY17). So far, 23 cases of bad loans have gone to the NCLT. But there has been a reduction in slippages, and delinquency ratio has also been brought to 1.29% this quarter from 3.91% earlier.

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