Shares of Bank of Maharashtra fell by 2 per cent today after the company's June quarter net loss nearly trebled to Rs 1,119 crore.
Its stock declined 2.01 per cent to close at Rs 13.19 on the BSE. During the day, it plunged 7 per cent to Rs 12.51.
On the NSE, shares of the company dropped 1.49 per cent to settle at Rs 13.20.
In terms of equity volume, 4.43 lakh shares of the company were traded on the BSE and over 37 lakh shares changed hands at the NSE during the day.
Bank of Maharashtra's June quarter net loss nearly trebled to Rs 1,119 crore as bad loans spiked, resulting into higher provisioning coverage.
The bank had reported a net loss of Rs 412.20 crore in the April-June period of 2017-18.
Total income during the reported quarter fell to Rs 2,987.10 crore as against Rs 3,209.84 crore in the year-ago period, the bank said in a BSE filing.
The bank's gross non-performing assets (NPAs) worsened to 21.18 per cent of the gross advances by June-end 2018 against 18.59 per cent by June last year.
Net NPAs fell to 12.20 per cent of net advances (Rs 9,195.01 crore) from 12.48 per cent (Rs 11,259.04 crore) in year-ago June quarter.
Provisioning for NPAs increased to Rs 1,510.10 crore from Rs 1,157.54 crore in the year-ago period.
Overall provisions and contingencies were Rs 1,632.88 crore in the June quarter as against Rs 1,151.60 crore in the year-ago period.
Disclaimer: No Business Standard Journalist was involved in creation of this content
