Bank of Maharashtra posts net profit of Rs 72 crore in March quarter

State-owned Bank of Maharashtra Monday posted a net profit of Rs 72.38 crore in the quarter ended March 31.

The bank had posted a net loss of Rs 113.51 crore in the corresponding quarter of the previous financial year.

Its total income during the January-March quarter of 2018-19 stood at Rs 3,160.79 crore in the March quarter, up from Rs 3,094.46 crore in the year-ago quarter, the bank said in a release.

On the assets front, gross bad loans or non-performing assets (NPAs) of the bank came down to 16.40 per cent of the gross advances as on March 31, 2019, from 19.48 per cent a year ago.

Net bad loans came down sharply to 5.52 per cent from 11.24 per cent a year ago.

The bank said it will raise Rs 3,000 crore by way of preferential allotment of shares to the government, financial institutions or by way of qualified institutional placement, further public offer or rights issues or bonds.

Also, Rs 1,000 crore is to be raised by way of issue of Basel III-compliant tier-I and II bonds or other securities at an appropriate time, the bank said.

The lender also said it will set off the accumulated losses aggregating to Rs 7,327.53 crore as on March 31, 2019, against the balance available in the share premium and revenue reserve account of the bank as on the date of set-off, to present a true and fair view of the financial position of the bank.

The same will be taken into account during the current financial year 2019-20, it added.

"In respect of IL&FS group accounts, performing as well as non-performing, the bank has made 100 per cent provisioning amounting to Rs 387.53 crore during the year ending March 31, 2019," it said.