The Hindu Business Line : BoM net up 35 pc in Q1

Good quarter
Total income during the quarter has gone up to Rs 685.83 crore
Total business of the bank has touched Rs 44,726 crore
BoM opened six branches during the quarter

Mumbai , July 22

Bank of Maharashtra (BoM) has reported a 35.17 per cent increase in net profit for the first quarter ended June 30. Net profit has increased to Rs 60.96 crore from Rs 45.10 crore in the corresponding quarter of the previous year.

Operating profits have shot up by 110.12 per cent logging in Rs 154.88 crore (Rs 73.71 crore). Total income during the quarter has gone up to Rs 685.83 crore (Rs 614.47 crore). Net interest margin has increased to 2.83 per cent from 2.4 per cent.

Total business of the bank has touched Rs 44,726 crore, a growth of 14.87 per cent. BoM's deposits have increased by 8.27 per cent to Rs 27,611 crore (Rs 25,503 crore).

Better performance

The share of low-cost deposits (current account & savings account) to total deposits has increased to 43.21 per cent from 37.78 per cent. The cost of deposit has come down to 4.84 per cent from 5.27 per cent.

Gross advances registered a growth of 29.14 per cent to Rs 17,493 crore (Rs 13,517 crore). Yield on advances improved from 8.26 per cent to 8.59 per cent. Retail advances stood at Rs 2,679 crore, which is 16 per cent of total advances.

BoM has effected cash recovery of Rs 53 crore during the quarter. Ratio of net non-performing advances to net advances declined to 1.93 per cent (2.58 per cent).

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