Bank of Maharashtra Q4 profit down 50%

Mumbai: Public sector lender Bank of Maharashtra today posted 50.08 per cent decline in net profit at Rs 69.41 crore for the fourth quarter ended March 31, 2011.

The bank had a net profit of Rs 139.06 crore in the same quarter in the previous fiscal, Bank of Maharashtra informed the Bombay Stock Exchange (BSE).

Total income of the bank rose to Rs 1,702.61 crore in January-March quarter as compared to Rs 1,411.18 crore in the same quarter previous fiscal.

The Board of Directors recommended a dividend of 20 per cent, or Rs 2 per share for 2010-2011, the bank said.

For the entire fiscal ended March, 2011, the bank's net profit slipped by 24.84 per cent at Rs 330.39 crore, compared to Rs 439.57 crore in the corresponding fiscal of the previous year.

Total income increased to Rs 6,093.94 crore during the year, against Rs 5,326.8 crore in the previous fiscal.

Source: Financial Express