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Mangalore, Oct. 24 Bank of Maharashtra recorded a 22 per cent decline in net profit in the second quarter of 2008-09 due to provisioning. The bank registered a net profit of Rs 70.55 crore as against Rs 90.45 crore in the corresponding period of the previous fiscal.

Mr Allen C.A. Periera, Chairman and Managing Director, told Business Line that the bank had to make a provision of agriculture debt waiver of Rs 17 crore and other provisions.

During the second quarter, provisions (other than tax) and contingencies increased to Rs 76.22 crore (Rs 32.17 crore). Of this, provisions for gross non-performing assets stood at Rs 67.75 crore (Rs 25.72 crore).

Stating that there is good growth from June quarter to September quarter, Mr Periera said: “Net profit has almost doubled during that period.” The bank recorded a net profit of Rs 46.63 crore during the first quarter of the current fiscal.

The net interest income rose to Rs 332.75 crore (Rs 267.68 crore).The non-interest income stood at Rs 62.25 crore (Rs 87.01 crore including recovery in written off accounts amounting to Rs 14.74 crore (Rs 33.31 crore).

More Stories on : Financial Performance | Public Sector Banks

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