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State-owned Bank of Maharashtra today reported a massive 56 per cent drop in net profit at Rs 117.82 crore in the quarter ended June 30, 2014 due to a steep threefold increase in non-performing assets. Profit after tax stood at Rs 266.33 crore in the corresponding quarter last year.
In the quarter, the asset quality deteriorated with gross NPAs rising to 4.23 per cent from 1.80 per cent, while net NPAs increased to 2.94 per cent as against 0.80 per cent, the bank said in release.
The NPA provision coverage ratio stood at 49.73 per cent.
The net interest margins stood at was 2.70 per cent in the reporting quarter.
Net interest income, which is the difference between interests paid on deposits and the interest earned from lending, was tad one per cent up to Rs 914.54 crore in the period from Rs 908.02 crore in the year-ago quarter.
Its capital adequacy ratio under Basel III stood at 10.75 per cent.
Total business of the bank rose 8.88 per cent to Rs 2,05,200 as on June 30, 2014 from Rs 1,88,457.09 crore.
Deposits grew 10.35 per cent to Rs 1,16,365 crore as on June 30, 2014 from Rs 1,05,447 crore.
Advances increased 7.02 per cent to Rs 88,835 crore from Rs 83,010 crore same period last year.
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