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Our Bureau

Mangalore, July 29 The Pune-based Bank of Maharashtra has registered a decline of 42.84 per cent in the net profit at Rs 46.63 crore in the first quarter of 2008-09 against Rs 81.58 crore in the corresponding period of the previous fiscal.

Speaking to Business Line over telephone from Pune on Tuesday, Mr Allen C.A. Pereira, Chairman and Managing Director of the bank, attributed the fall to depreciation in investments and increase in cost of funds.

“These are the two major issues where we have taken a hit. Otherwise our profits would have been better than last year,” he said.

During first quarter of 2008-09, the amount for provisions and contingencies stood at Rs 54.69 crore (Rs 29.36 crore). Of this, Rs 5.17 crore (Rs 7.02 crore) was provided for gross NPAs. Provisions and contingencies included Rs 46.92 crore (Rs 15.87 crore) provided on account of depreciation on investment.

More Stories on : Financial Performance | Public Sector Banks

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