Public Sector lender Bank of Maharashtra monday reported a profit of Rs 89 crore in Q1FY20 on account of a tax write-back. Higher NII, other income and operating income also supported profitability.
The bank had posted a loss of Rs 1,108 crore in the corresponding period last fiscal.
Net interest income grew 16.1 percent year-on-year (YoY) to Rs 996.8 crore in the quarter ended June 2019.
Asset quality weakened further during the quarter with gross non-performing assets as a percentage of gross advances rising 150 bps sequentially to 17.9 percent and net NPA increasing 46 bps quarter-on-quarter (QoQ) to 5.98 percent in Q1.
Provision for bad loans declined sharply by 31 percent YoY to Rs 1,037.44 crore but increased 338 percent sequentially.
Bank of Maharashtra received a tax refund of Rs 343.3 crore in Q1 against Rs 43.5 crore in the same period last year.
Other income or non-interest income grew by 21 percent YoY to Rs 419.24 crore and operating profit increased 40 percent to Rs 658.45 crore in Q1.
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