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Bank of Maharashtra reports healthy development in half-yearly profit

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Bank of Maharashtra CEO A S Rajeev

The Bank of Maharashtra (BoM) has reported a revenue of Rs 114.66 crore for the quarter ending on September 30,2019 A S Rajeev, handling director and CEO of the bank, said the profit was a result of boost in net interest earnings, lowered provisioning and boosted asset quality of the bank.

While resolving the media in Pune on Tuesday, Rajeev stated the profit of the bank at the end of exact same quarter in 2015 was Rs 27 crore. He stated the bank had come out of the Prompt Corrective Action (PCA) troubled it by the RBI last December and has been reporting profit because March2019 “We have chosen to grow only in A ranked business and transfer bulk of our company in the Retail Farming and MSME (RAM) sectors,” he stated.

At present, the Pune-headquartered bank’s exposure to the RAM sector is 53 per cent, which, Rajeev said they want to take up to 60 percent.

The operating revenue of the bank stood at Rs 751.78 crore, while its cost of deposit for the present quarter reduced to 4.91 percent as versus 5.03 percent for the very same quarter of in 2015.

Net profit of the bank increased to Rs 195.78 crore for the half year ending on September 30, 2019 as versus the loss of Rs 1,092 crore for the previous half year. The interest on earnings has actually increased to Rs 5,67287 crore showing a development of 4.50 percent over the last year. Non-interest earnings of the bank increased to Rs 814.94 crore for the present half year registering a development of 8.49 percent.

The total service of the bank increased to Rs 2,32,84674 crore by the end of September 30, 2019 as versus Rs 2,26,06886 of September 30,2018 The gross NPA of the bank stood at Rs 15,40851 crore while the net NPA stood at Rs 4,40656 crores. Bank has actually preserved a healthy arrangement protection ratio of 82.71 percent.

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