Bank of Maharashtra net profit plunges 56%

Bank of Maharashtra reported a massive 56 per cent drop in net profit at Rs 117.82 crore in the June quarter due to a steep threefold increase in non-performing assets. Profit after tax stood at Rs 266.33 crore in the corresponding quarter last year.

In the quarter, the asset quality deteriorated with gross NPAs rising to 4.23 per cent from 1.80 per cent, while net NPAs increased to 2.94 per cent as against 0.80 per cent, the bank said in release.

The NPA provision coverage ratio stood at 49.73 per cent.

The net interest margins stood at was 2.70 per cent in the reporting quarter, the bank said.