After ten quarters of losses, Bank of Maharashtra posts Rs 27-crore profit in July-September

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AC Rout, ED, Bank of Maharashtra, said the bank’s performance will be sustainable, going forward.

After 10 consecutive quarter of losses, Bank of Maharashtra has posted net profit of `27 crore during the Q2FY19. The bank had reported a net loss of `23.24 crore in the same quarter previous year. BoM had been posting quarterly losses since March 2016.

AC Rout, ED, Bank of Maharashtra, said the bank’s performance will be sustainable, going forward. He was confident of the bank would come out of Prompt Corrective Action either in the fourth quarter of FY19 or in the first quarter of next fiscal.

Rout was hopeful of posting profits for the entire year and the next two quarters would be critical for the bank, Rout said.
“We have sought `3,000-crore capital infusion in the bank and some money would come in,” Rout said.
The bank is also betting on 30% recoveries from around `10,000-crore NPAs involved in the NCLT cases.

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