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Friday, September 25, 2020

Bank of Maharashtra reports profit of Rs 101 crore

At the end of the first quarter, the bank recorded business of Rs 2,49,608 crore, as compared to Rs 2,31,973 crore recorded at the end of the first quarter of financial year 2019-20

By: Express News Service | Pune | July 24, 2020 12:13:30 am
At least 24 per cent of the bank’s customers had availed of the moratorium on term loans as announced by the RBI (File)

The Pune-headquartered Bank of Maharashtra reported a net profit of Rs 101 crore at the end of the first quarter of the fiscal year.

A S Rajeev, MD and CEO of the bank, said the bank recorded 7.60 per cent year-on-year growth in its business at the end of the first quarter.

At the end of the first quarter, the bank recorded business of Rs 2,49,608 crore, as compared to Rs 2,31,973 crore recorded at the end of the first quarter of financial year 2019-20. The bank’s net interest income grew by 9.14 per cent on a year-on-year basis. Also, saving deposits grew by 14.45 per cent to Rs 63,814 crore, while deposits grew by 10.11 per cent to Rs 1,52,987 crore. Gross advances grew by 3.86 per cent to Rs 96,621 crore on a year-on-year basis.

While agricultural advances increased marginally, retail advances for the first quarter grew by 31.36 per cent while advances to MSME grew by 35.92 per cent on a year-on-year basis. The net NPA of the bank declined to 4.10 per cent as against 5.98 per cent in the first quarter of the last fiscal. Gross NPA reduced to 10.93 per cent as on June 30, 2020, compared to 17.90 per cent on June 30, 2019.

“In terms of RBI circular dated April 17, 2020 on Covid-19, the bank has made provision of Rs 275 crore in the first quarter of this fiscal year towards Covid-19 regulatory package provision and cumulative provision of Rs 425 crore as on June 30, as against regulatory requirement of Rs 75 crore at 10 per cent,” the bank said in a press statement.

At least 24 per cent of the bank’s customers had availed of the moratorium on term loans as announced by the RBI. During this period, the bank has sanctioned loans to the tune of Rs 2,500 crore related to Covid-19.

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