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Bank of Maharashtra reports Rs 389 crore net profit for last fiscal

In accordance with a RBI circular issued on April 17 on Covid-19, the bank has made provision of Rs 150 crore towards Covid-19 Regulatory Package Provision, as against required provision of Rs 38 crore.

By: Express News Service | Pune | Published: June 18, 2020 1:58:05 am
The bank witnessed business growth of Rs 2,44,955 crore by the end of the 2019-20 fiscal, as against the total business of Rs 2,34,117 crore of the previous financial year. (Photo: Bloomberg)

Bank of Maharashtra has reported a net profit of Rs 389 crore by the end of the 2019-2020 financial year. This is a comeback for the bank, which reported a loss of Rs 4,784 crore at the end of 2018-19 fiscal. The net profit for the bank for the quarter ending on March 31, 2020, stood at Rs 58 crore.

The bank witnessed business growth of Rs 2,44,955 crore by the end of the 2019-20 fiscal, as against the total business of Rs 2,34,117 crore of the previous financial year. The bank has also reported improvement in all financial aspects, like saving account deposits, retail advances and CASA deposits. Retail and MSME advances grew by 21.3 0 per cent and 25.04 per cent respectively. The overall capital adequacy of the bank stood at 13.52 per cent.

The net non performing asset (NPA) of the bank declined to 4.77 per cent by the end of March 2020, as against 5.52 per cent in March last year. Gross NPA fell to 12.81 per cent at the end of the 2019-20 financial year as against the 16.4 per cent in March last year.

In accordance with a RBI circular issued on April 17 on Covid-19, the bank has made provision of Rs 150 crore towards Covid-19 Regulatory Package Provision, as against required provision of Rs 38 crore.

The bank’s operating profit increased to Rs 2,847.06 crore by the end of 2019-2020 fiscal year, as against Rs 2197.61 crore for 2018-19. The net Profit stood at Rs 388.58 crore by end of 2019-2020 fiscal as against net loss of Rs 4783.88 crore for 2018-19.

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