Bank of Maharashtra registers net profit of Rs 100.69 crore for 2015-16

The slippages were mainly in steel, power and infrastructure sector. The stressed accounts portfolio declined to 13.29 per cent from 13.47 per cent during the financial year.

By: Express News Service | Pune | Published: May 14, 2016 1:48:35 am

The Bank of Maharashtra (BoM) has registered a net profit of Rs 100.69 crore for the financial year 2015-16. However, due to higher provisioning on NPAs, the bank has booked losses of Rs 119.84 crore in quarter four ended March 31, as against net profit of Rs 112.72 crore in the corresponding quarter of 2014-15. S Muhnot , CMD of the bank explained that due to adverse economic conditions, gross NPAs and net NPAs stood at 9.34 per cent and 6.35 per cent respectively.

The slippages were mainly in steel, power and infrastructure sector. The stressed accounts portfolio declined to 13.29 per cent from 13.47 per cent during the financial year.

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The bank has achieved business level of Rs 2,50,000 crore as on March 31, 2016 The bank’s total business increased by Rs 26,901 crore (12.05 per cent) on year-over-year (Y-o-Y) basis. Gross advances have gone up by 9.91 per cent (Rs 10,030 crore) on Y-o-Y basis. CASA deposits have grown by 12.52 per cent with a rise of Rs. 5,670 crore to a level of Rs 50,967 crore constituting 36.68 per cent of total deposits.

Cost of deposits is reduced on Y-o-Y basis from 7.03 per cent to 6.75 per cent. Investment credit to agriculture increased from Rs 3,694 crore to Rs 5,527 crore, registering a growth of 49.62 per cent.

Loans to small and marginal farmers increased from Rs 7,017 crore to Rs 8,335 crore (18.18 per cent) and it formed 7.9 per cent of ANBC as against requirement of seven per cent.

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Net Interest Income (NII) for the year remained flat due to increase in NPAs and reduction in Base Rate during the year by 55 basis points. The bank registered operating profit of Rs 2,355 crore for the year despite economic conditions, the bank said. During the quarter ended March 2016, the operating profit showed an increase of 6.91 per cent over the previous quarter. The operating profit improved from Rs 541.9 crore in the quarter ended December 31, 2015 to Rs 579.34 crore in quarter ended March 31, 2016.

 

 

 

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