 "Bank of Maharashtra profit dips 71% at Rs 46.85 cr")
State owned Public sector lender Bank of Maharashtra (BoM) has reported net profit of Rs 46.85 crore for the year ended September, 30, 2013 as compare to Rs 166 crore, down 71.78% over the previous year. Total income for the quarter grew 31.32% to Rs 3196.56 crore as compared to Rs 2,434 crore.
Commenting on results, C VR Rajendran, executive director, Bank of Maharashtra, said, "The second quarter is very tough for the banking sector. Due to depreciation on investments, employee provisions in the month of August, maturity of deposits and loss of few diamond accounts, the bank has witnessed marginal dip in the profits. But as compare to industry, we have done quite well. The bank has registered net NPA ratio at 1.76% and gross NPA ratio at 2.77%.
The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 10.71per cent as on 30 September 2013, compared with 10.76% as on 30 June 2013.(