Bank of Maharashtra reports net profit of Rs 57.57 crore

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Published: June 17, 2020 4:20 AM

As on March 31, gross NPA stood at Rs 12,152.15 crore while net NPA was at Rs 4,145.38 crore compared with gross NPA of Rs 15,324.49 and net NPA of Rs 4,145.38 crore on March 31, 2019.

The bank ended FY20 with a net profit of Rs 389 crore against a loss of Rs 4,783 crore during FY19. The bank ended FY20 with a net profit of Rs 389 crore against a loss of Rs 4,783 crore during FY19.

Bank of Maharashtra on Tuesday (BoM) reported a 20.46 % year-on-year drop in standalone profit to Rs 57.57 crore for the quarter ended March. The bank’s operating profit was up 18.73% to Rs 595 crore.

As on March 31, gross NPA stood at Rs 12,152.15 crore while net NPA was at Rs 4,145.38 crore compared with gross NPA of Rs 15,324.49 and net NPA of Rs 4,145.38 crore on March 31, 2019. Gross NPA reduced to 12.81% in FY20 compared with 16.40% in FY19, while net NPA fell to 4.77% from 5.52% during the same period.

The bank ended FY20 with a net profit of Rs 389 crore against a loss of Rs 4,783 crore during FY19. Operating profit for FY20 grew by 29.55% y-o-y to Rs 2,847 crore. Net interest margin in FY20 improved to 2.60% against 2.53% in FY19. Net interest income in Q4FY20 stood at Rs 1,022.51 crore compared with `999.93 crore in Q4FY19. Provisional coverage ratio as on March 31 stood at 83.97%.

The bank said around 40% of its customers availed of moratorium on term loans. The bank sanctioned Rs 1,770 crore Covid-19 related loans to MSMEs. It further classified loans of Rs 1,517 .93 crore as NPA and made additional provisions of Rs 295.83 crore.

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