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Bank of Maharashtra Q2 net profit slips 72% to Rs 47 cr

Last Updated: Tuesday, October 29, 2013 - 19:09

New Delhi: Public sector lender Bank of Maharashtra (BoM) on Tuesday reported 72 percent decline in net profit to Rs 46.85 crore for the July-September quarter on account of higher provisioning against bad loans.

It had posted net profit of Rs 166.01 crore for the same period of last fiscal, 2012-13.

However, the total income in Q2, 2013-14 increased to Rs 3,196.56 crore, from Rs 2,434.09 crore in the year-ago period.

The provision of the bank rose to Rs 323.23 crore as compared to Rs 222.53 crore in the same period a year ago, BoM said in a filing to the BSE.

During the first half of the current fiscal, the bank's net profit rose by just 2.2 percent at Rs 313.18 crore, as against Rs 306.47 crore in H1, 2012-13.

The total income rose to Rs 6,170.87 crore in the first six months from Rs 4,651.39 crore in the year-ago period.

As of September 30, 2013, the bank's portfolio quality deteriorated further, with gross non-performing assets (NPAs) rising to 2.77 percent of gross advances, as against 2 percent year a year ago.

It's net non-performing assets during Q2, 2013-14 also rose from 1.76 percent from 0.88 percent.

First Published: Tuesday, October 29, 2013 - 19:09
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