Q4 Rs 72 crore profit for Bank of Maharashtra
State-run lender Bank of Maharashtra ...
State-run lender Bank of Maharashtra reported a standalone net profit of Rs 72.38 crore during the quarter ended March 31 on a year-on-year basis. The lender had reported a standalone net loss of Rs 113.49 crore in the same period last year.
Besides, net interest income for the lender during Q4 FY19 rose by 13.47 percent to Rs 1,000 crore as against Rs 881 crore for Q4 FY18. However, for the fiscal, the bank reported a net loss of Rs 4,784 crore against a net loss of Rs 1,146 crore reported for the corresponding previous financial year. “This increased loss is due to higher loan loss provisions on impaired assets... Increase in depreciation on revalued assets as per revised AS—10... Increase in expenses due to wage revision provision of Rs 109.80 crore,” it said in a statement. “Net Interest Income increased by 10.14 percent to Rs 3,733 crore for FY19 in comparison to Rs 3,390 crore for FY18.”