Bank of Maharashtra’s Q4 net profit at Rs 72 cr

Mumbai, April 29 (IANS) State-run lender Bank of Maharashtra on Monday reported a standalone net profit of Rs 72.38 crore during the quarter ended March 31 on a year-on-year basis.

The lender had reported a standalone net loss of Rs 113.49 crore in the same period last year.

Besides, net interest income for the lender during Q4 FY19 rose by 13.47 per cent to Rs 1,000 crore as against Rs 881 crore for Q4 FY18.

However, for the fiscal, the bank reported a net loss of Rs 4,784 crore against a net loss of Rs 1,146 crore reported for the corresponding previous financial year.

"This increased loss is due to higher loan loss provisions on impaired assets... Increase in depreciation on revalued assets as per revised AS - 10... Increase in expenses due to wage revision provision of Rs 109.80 crore," it said in a statement.

"Net Interest Income increased by 10.14 per cent to Rs 3,733 crore for FY19 in comparison to Rs 3,390 crore for FY18."

Further, the bank reported that its gross NPA (non-performing assets) decreased by Rs 3,109 crore from Rs 18,433 crore as of March 31, 2018 to Rs 15,324 crore as of March 31, 2019.

"Gross NPA and Net NPA ratios are 16.40 per cent and 5.52 per cent as of March 31, 2019 as against 19.48 per cent and 11.24 per cent as of March 31, 2018," the bank's statement said.

"There is reduction in Net NPA by 53 per cent from Rs 9,641 crore as of March 31, 2018 to Rs 4,559 crore as of March 31, 2019."

Consequently, the provision coverage ratio improved substantially to 81.49 per cent as of March 31, 2019, it added.

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