Bank of Maharastra Reports a 20% Fall in Net Profits

Bank of Maharastra on Tuesday reported its drop in profits to Rs 57.57 crore for the March ending quarter. The bank has witnessed a drop of 20.46% while its net profit stood at 18.73% to Rs 595 crore.Bank of Maharashtra

The gross NPA as on March 31, stood at Rs 12,152.15 crore against the previous years’ Rs 15,324.49 and the Net NPA stood at Ra 4,145.38 crore.

The Gross NPA has reduced to 12.81% and the net NPA has fallen to 4.77% from the previous 5.52% during the same period.

Bank of Maharashtra has sanctioned a business loan of Rs 1,770 crore to the MSMEs in the past couple of months. The bank has reported that around 40% of its customers have availed the moratorium offered on term loans. 

The bank has reported a profit of Rs 389 crore against the loss reported in 2019 of Rs 4,783 crore. The operating profit for Financial year 20, grew by 29.55% y-o-y to Rs 2,847 crore. The net interest margin has also improved to 2.60% against 2.52% in FY2019. 

The Provisional coverage ratio for the Bank of Maharashtra as on March 31 is 83.97%.

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