Bank of Maharashtra, on Saturday, reported a loss of Rs 337.15 crore for the second quarter ended September 30 on account of higher provisions for bad loans. The state-owned lender's net profit stood at Rs 72.03 crore in the same period last fiscal. Total income of the bank decreased to Rs 3,297.31 crore during the quarter, as against Rs 3,503.48 crore in the year-ago period, Bank of Maharashtra said in a filing to stock exchanges. During the quarter, gross non-performing assets (NPAs) nearly doubled to 14.08 % as against 7.98 % in the year-earlier period. As a result, provisions for bad loans surged to Rs 708.86 crore, from Rs 418.98 crore in the previous fiscal.

Source: dna November 05, 2016 14:26 UTC