Bank of Maharashtra Q3 net profit plummets 92% to Rs 16 cr

Bank of Maharashtra reported 91.8 per cent dip in net profit at Rs 15.8 crore for the October- December quarter because of higher provisioning for bad loans.
The Pune-based public sector lender had posted net profit of Rs 194.06 crore for the same quarter of last fiscal, 2012-13.
Its total income in Q3, 2013-14 increased to Rs 3,307.49 crore, from Rs 2,710.16 crore in the year-ago period, the bank said in a BSE filing.
Provisions other than tax and contingencies during the quarter increased three-fold to Rs 407.78 crore as against Rs 143.89 crore in the same period of last fiscal.

Its operating profit in Q3 also declined to Rs 425.01 crore, as against Rs 525.01 crore in the year-ago period.
As of December 31, bank's portfolio quality deteriorated further, with gross NPAs rising to 4.01 per cent of gross advances, as against 1.71 per cent a year ago.

Its net NPAs during the third quarter rose to 2.56 per cent, from 0.66 per cent in the period a year earlier.
Meanwhile, the bank declared an interim dividend of Re 1 per share or 10 per cent of paid up capital for 2013-14.
During the three quarters (April-December) of 2013-14, the bank's net profit declined by 34 per cent to Rs 329.01 crore, as against Rs 500.53 crore in same period of 2012-13.

Its total income rose to Rs 9,478.37 crore for the nine months, from Rs 7,361.55 crore in the year-ago period.
Bank of Maharashtra's scrip fell 0.14 per cent to Rs 34.80 on the BSE.