Journalism of Courage
Bank of Maharashtra (BoM) on Saturday announced the results of the second quarter of 2010-11. The net profit of the bank for the quarter is Rs 52.3 crore as against Rs 86.7 crore,39.68 per cent lower than year-ago period.
The bank attributed the dip to the increase in its non-performing assets (NPAs) with net NPAs up to September 30,2010 at 2.18 per cent from 1.61 per cent for September 30,2009.
The operating profit for the second quarter stood at Rs. 220.27 crore as against Rs. 170.41 crore recording a year-to-year basis growth of 29.26 per cent. However,the total business of the bank rose by 12.73 per cent at Rs. 102689 crore.
As Bhattacharya,chairman and managing director,BoM said,In 2011,we will be setting up at least five micro asset recovery branches in identified rural centres to recover NPAs in smaller accounts. The bank also has plans to open 24 new branches across the country.
