Provisions for bad loans shot up sharply by 86.4 percent quarter-on-quarter and 151.8 percent year-on-year to Rs 1,474.1 crore in Q3FY18.
"Board of directors of the bank at its meeting held on January 3, 2018 considered and approved the proposal of raising of equity capital up to Rs 650 crore by way of preferential allotment in favour of government," it said in a regulatory filing.
However, total income of the bank rose to Rs 3,303.62 crore during the quarter, as against Rs 3,297.31 crore in the year-ago period, Bank of Maharashtra said in a filing to stock exchanges.
The government has time till August 2018 to bring down its stake below 75 percent in these banks to comply in order to comply with minimum public holding requirement.
State-owned Bank of Maharashtra today reported a widening of its net loss to Rs 412.20 crore for the first quarter ended June of the current fiscal as gross bad loans zoomed.
CBI arrested a former Bank of Maharashtra official and the director of a Gujarat-based logistics firm in a loan fraud case.
Public sector Bank of Maharashtra said it has obtained approval of shareholders in today's AGM to raise Rs 2,000 crore through equity dilution.
"Bank of Maharashtra has slashed its marginal cost of funds based lending rates (MCLR) by up to 0.35 per cent with effect from June 7, 2017," it said in a release.
Public sector player Bank of Maharashtra is considering raising up to Rs 2,000 crore via various routes including follow-on public offer and rights issue.
Asset quality weakened further, with gross non-performing assets (as a percentage of gross advances) rose 185 basis points to 16.93 percent and net NPA jumped 109 bps to 11.76 percent compared with previous quarter.
There are seven public sector banks (PSBs), including United Bank of India, Indian Bank, Bank of Maharashtra and Central Bank of India, where the government holding is above 75 per cent.
National Payments Council of India is tightening mechanisms to make UPI platform more secure and safeguard customers against dubious transactions.
Tata Motors | Tech Mahindra | Coal India | Den Networks | South Indian Bank | Bombay Burmah | Jayaswal Neco | Videocon Industries | Jindal Poly | PNC Infratech | Bharat Electronics | Arfin and Jet Airways are stocks, which are in the news today.
In an interview to CNBC-TV18's Latha Venkatesh, Sonia Shenoy and Anuj Singhal, SP Tulsian of sptulsian.com shared his reading and outlook on the market and also gave recommendations on various stocks.
Discussing the reports of Kotak Mahindra Bank approaching government for a possible merger with Axis Bank, SP Tulsian of sptulsian.com said that the government could be looking to divest its stake, as with IDBI Bank.
CNBC-TV18 had reported, quoting news agency Cogencis, that the bank will merge as many a 450-500 loss making branches as well as cut zonal offices in the next financial year
PTI,Bank of Maharashtra,signs of improvement,break even in the Q4,credit growth
While Axis Bank clocked a net profit of Rs 579.57 crore for the three quarters ending December 31, 2016, 23 public sector banks managed a combined profit of Rs 492.53 crore.
The bank has reduced marginal cost of funds based lending rate (MCLR) across various tenures effective today, Bank of Maharashtra said in a regulatory filing.
The bank will offer Cigna TTK's health insurance products to its two crore customers through its network of over 1,896 branches, it said in a statement here today.
Employees of a few banks were involved in illegally transacting the scrapped high value old notes of Rs 500 and Rs 1000 amounting to over Rs 71.47 crore during the demonetisation period, from November 9 to December 30, government said today.
ICICI Bank | ONGC | Tech Mahindra | Narayana Hrudayalaya | UCO Bank | Asahi Songwon | IFB Industries | Wonderla Holidays | Bajaj Holdings | Bank of Maharashtra | InterGlobe Aviation | Firstsource Solutions | Sobha | Wockhardt | Cadila Healthcare | Infibeam Corporation and Sona Koyo are stocks, which are in the news today.
State-owned Bank of Maharashtra today posted a net loss of Rs 182.51 crore for the third quarter ended December 31, 2016, on account of higher provisioning for bad loans.
"Bancassurance is one of the key avenues to distribute products. Our focus is to offer customised products, best customer service and sustain the trust of customers of Bank of Maharashtra," FGII Managing Director and CEO K G Krishnamoorthy Rao said in a release issued here.