Pune: Bank of Maharashtra (BoM) swung to a third quarter net loss as it set aside more money as cover against potential bad loans in the aftermath of demonetisation.
In the quarter ended December 31, 2016, the bank posted a net loss of Rs 183 crore against a profit of Rs 89 crore, a year ago. The was the Pune-based bank’s fourth consecutive quarterly loss. In the whole of 2016, the bank has accumulated losses of Rs 1,037 crore. The bank received less interest on the advances it gave in the third quarter at Rs 2,061 crore, against Rs 3,255 crore it received in the quarter ended December 31, 2015 — an indication of mounting bad loans as well as lower fresh credit growth. tnn