Money & Banking

Bank of Maharashtra posts ₹81-cr net

Our Bureau New Delhi | Updated on July 29, 2019 Published on July 29, 2019

Bank of Maharashtra logo   -  Website/Bank of Maharashtra

Healthy growth in net interest income and other income, decline in loan-loss provision burden, and a huge tax write-back helped Bank of Maharashtra report a turnaround performance in the first quarter.

The public sector bank reported a net profit of ₹81 crore in the reporting quarter, against a loss of ₹1,119 crore in the year-ago period. Net interest income was up 16 per cent year-on-year (y-o-y) at ₹997 crore (₹8,58.5 crore).

Other income rose 21 per cent y-o-y at ₹419 crore (₹347 crore). Loan-loss provisions were 31 per cent lower at ₹1,037 crore (₹1,510 crore). During the quarter, there was a tax write-back of ₹343.36 crore.

The tax write-back in the year-ago period was ₹43.56 crore. During the reporting quarter, NPAs increased by ₹1,325 crore to ₹16,649.58 crore as of June-end 2019.

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Published on July 29, 2019
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