Bank of Maharashtra reports heavy net losses to Rs 3,764 crore in Q3

State-owned Bank of Maharashtra Wednesday reported over the seven-fold increase in its net loss to Rs 3,764.26 crore during the quarter ended December 2018, on a spike in provisions due to higher non-performing assets (NPA) ratio. The bank had posted a net loss of Rs 596.70 crore in the corresponding quarter of the previous financial year.

The provision for the bad loans increased significantly to Rs 4,538.28 crore in the quarter, compared with Rs 1,343.62 crore in the year-ago period. The bank's asset quality although improved, with gross NPAs declining to 17.31 per cent of the gross advances as on December 2018 as against 19.05 per cent in the corresponding quarter a year ago.

Net NPAs also declined to 5.91 per cent of the net advances by the end of the third quarter from 12.17 per cent in the year-ago period. The bank's shares Wednesday went up by 21 paise, or 1.48 per cent, to close at Rs 14.44 apiece on the BSE.

(With inputs from agencies.)