Bank of Maharashtra’s net slides down drastically

Chennai, May 12 (IANS) Government-owned Bank of Maharashtra said on Thursday that its net profit for 2015-15 saw a drastic slide down to Rs.100.69 crore as against Rs.450.69 crore in 2014-15.

In a regulatory filing in BSE the bank said loans and advances amounting to whopping Rs.95.45 crore has been classified as fraud, and it has debited a sum of Rs.54.21 crore -the unamortised fraud amount- to ‘Other Reserves’ account.

The bank’s total income for the period under review stood at Rs.14,072.27 crore, as against Rs.13,671.42 crore in the previous fiscal while its provisions towards bad loans and others went up to Rs.1,927.41 crore last fiscal up from Rs.1541.71 crore.

The bank’s gross and net non-performing assets (NPA) at the end of March 31, 2016 stood at Rs.10,385.85 crore and Rs.6,832.03 crore.

On the other hand the gross and net NPA as on March 31, 2015 were Rs.6,402.06 crore and Rs.4,126.57 crore.



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