HIGHER PROVISIONS HIT BANK OF MAHARASHTRA Q3 PROFIT

Lower non-interest income and higher provisions and contingencies pulled Bank of Maharashtra's net profit down 7 per cent to Rs 112 crore in the third quarter ended December 31, 2009 against Rs 121 crore in the corresponding period last year.

While the Pune-headquartered bank's net interest income edged up 5 per cent in the quarter under review to Rs 362 crore (Rs 343 crore), its non-interest income was down 32 per cent at Rs 113 crore (Rs 166 crore). Provisions and contingencies increased 31 per cent to Rs 46 crore (Rs 35 crore) even as tax expenses declined 41 per cent to Rs 43 crore (Rs 74 crore).

As of December-end 2009, gross non-performing assets (NPAs) were up 63 per cent to Rs 1,217 crore (Rs 744 crore) and net NPAs surged 148 per cent to Rs 649 crore (Rs 261 crore).

The gross NPAs to gross advances ratio and the net NPAs to net advances ratio increased to 3.19 per cent (2.30 per cent) and 1.73 per cent (0.82 per cent).

As of December-end 2009, total deposits increased 24 per cent to Rs 56,864 crore (Rs 45,936 crore) and gross advances were up 18 per cent to Rs 38,168 crore (Rs 32,338 crore).

Source: http://www.thehindubusinessline.com/2010/02/01/stories/2010020151630400.htm