BoM posts 4th straight quarterly loss

Pune: Bank of Maharashtra (BoM) swung to a second from last quarter net misfortune as it put aside more cash as cover against potential terrible advances in the outcome of demonetisation.

In the quarter finished December 31, 2016, the bank posted a net loss of Rs 183 crore against a benefit of Rs 89 crore, a year back. The was the Pune-based bank’s fourth continuous quarterly misfortune. In the entire of 2016, the bank has gathered misfortunes of Rs 1,037 crore. The bank got less enthusiasm on the advances it gave in the second from last quarter at Rs 2,061 crore, against Rs 3,255 crore it got in the quarter finished December 31, 2015 – a sign of mounting terrible advances and in addition bring down new credit development. tnn

Source:- Timesofindia

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