BOM Q4 results disappoint

Bank of Maharashtra (BOM) one of the major public sector lenders has announced its Q4FY16 results on Thursday, wherein it witnessed marginally negative quarter on quarter and positive year on year results.On financial front the bank’s consolidated interest earned has fallen by 1 per cent to Rs 3219.52, as against Rs 3255.17 crore in Q3FY16.

The Interest expended stands at Rs 2304.52 crore as against Rs 2283.74 crore for Q3FY16, an increase of 1 per cent.
The Bank has reported a net loss of Rs 120 crore in Q4FY16.  Bank’s per cent of Gross NPA stands at 9.3 as compared to 7.9 per cent in the last quarter. Net NPA stands at 6.35 per cent as compared to 5.52 per cent earlier.

YoY results have been in the mix. Interest earned for the year stands at Rs 13053 crore as compared to 12665 crore, which is up by 3 per cent. Interest Expended too has increased by 4 per cent to Rs 9173 crore. Net profit recorded for the year stands at Rs 118.19 crore from Rs 464.63 crore, which has decreased by 75 per cent. Gross and Net NPAs stand at 6.33 per cent and 4.19 per cent, respectively.

Higher provisions and NPAs have been the major reason for timid Q4 results. Bank of Maharashtra is an Indian bank engaged in operations like treasury, retail banking, corporate banking and other services like mobile banking, ASBA, RTGS, credit cards, etc.

The shares on the bourses on Friday were trading at Rs 28.90, down by 2 per cent.