Journalism of Courage
The Bank of Maharashtra (BoM) reported a 30 per cent surge in net profit to Rs 430.83 crore for the year ended March 31,2012. The bank had posted a net profit of Rs 330.39 crore for the corresponding year,the Net NPA ratio has also reduced to 0.84% from 1.32% in 31.03.2011,said Narendra Singh,chairman and managing director,Bank of Maharashtra,while announcing the annual results of the bank.
Speaking to reporters after the board meeting,Singh and the ED of the Bank CVR Rajendran said that The Operating Profit for FY 2011-12 increased to Rs.1515.24 crore as compared to Rs.855.03 crore for FY 2010-11 with a growth rate of 77.21% ,while the total Income increased by Rs 1,760.69 crore recording growth rate of 28.89% over FY 2011. The total deposits swelled by Rs 9,684 crore to Rs 76,529 crore as on 31.03.2012 from Rs 66,845 crore as on 31.03.2011 recording a growth of 14.49% on y-o-y basis.
The bank has done well on all fronts ,and exceeded the required 40% priority sector lending and has an 100% achievement of coverage of unbanked villages under Financial Inclusion Plan, Rajendran said.
