Bank of Maharashtra reported sharp decline in Q4 bottomline

Bank of Maharashtra reported sharp decline
The Bank of Maharashtra has declared its March quarter results for the financial year 2010-11.

The total income of the bank during the quarter declined by 20.65 per cent to Rs 1,702.61 crore as compared to Rs 1,411.18 crore in the corresponding quarter last year. However, the net profit of the bank during the fourth quarter ending March 31, 2011, declined sharply by 50.08 per cent to Rs 69.41 crore as against Rs 139.06 crore.

The bank"s Chairman and Managing Director, AS Bhattacharya stated that the profits took a hit due to several factors including the provision of 5 per cent on sub-standard advances over the regulatory minimum provision of 10 per cent, depreciation of Rs 136.38 crore on investment and a considerable decline in trading profits.

The Board of Directors of the bank recommended a final dividend of 20 per cent which is equivalent to Rs 2 per equity share of Rs 10 each for FY 2010-2011. On April 29, 2011, the shares of the Bank of Maharashtra closed at Rs 60.50, increasing by 1.57 per cent on the BSE.

The BSE Bankex closed with a loss of 1.76 per cent to 13,076.97.

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