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Sunday, November 28, 2021

Bank of Maharashtra reports increase in business and profitability

AS Rajeev, MD and CEO of the bank, talked about a 13.27 per cent rise in the bank's business at the end of the third quarter to stand at Rs 2,96,808 crore.

By: Express News Service | Pune |
October 22, 2021 1:26:37 pm
Bank of Maharashtra (Source: Wikimedia Commons)

The third quarter of the financial year has been good for Pune-headquartered Bank of Maharashtra, with the bank reporting good growth in business and profitability. Lending to retail, agriculture and the MSME sector has grown, while non-performing assets in all sectors have seen a significant dip.

Presenting its third quarter results, AS Rajeev, MD and CEO of the bank, talked about a 13.27 per cent rise in the bank’s business at the end of the third quarter to stand at Rs 2,96,808 crore. Advances have increased by 11.44 per cent to Rs 1,15,235 crore, while net NPA of the bank has reduced to 1.73 per cent. Operating profit has increased to Rs 1,061 crore. All other financial parameters of the bank have seen healthy growth.

Financial statements issued by the bank showed a reduction in NPA in the Retail Agriculture and MSME (RAM) advances also. At the end of the present quarter, the retail advances of the bank stood at Rs 30,480 crore — this was Rs 26,628 crore at the end September 2020 — while NPA stood at 1.65 per cent, down from 2.65 per cent.

Agriculture advances stood at Rs 17,040 crore (Rs 16,039 crore) while NPA stood at 19.21 per cent (21.70 per cent). MSME advances were at Rs 21,763 crore (Rs 18,039 crore) and NPA was 8.14 per cent (11.20 per cent). Exposure of the bank to medium and large corporates stood at Rs 45,952 crore (Rs 42,701 crore).

Housing loans accounted for the lion’s share in retail advances, with the bank loaning Rs 19,112 crore for housing by the end of September 2021 (Rs 15,881 crore). NPA in this sector dipped to 1.74 per cent from 3.47 per cent of last September.

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