The Hindu Business Line : Bank of Maharashtra Q2 net up 23%

Bank of Maharashtra’s net profit rose 23 per cent to Rs 87 crore in the second quarter of this fiscal, aided by a growth in its other income. The bank had reported a profit of Rs 71 crore in the corresponding quarter last year.

Other income grew 140 per cent to Rs 149.47 crore. However, net interest income fell 17 per cent to Rs 275.78 crore.

Increase in profit on sale of investment to Rs 60 crore (Rs 1 crore) pulled up the other income.

Net NPAs (non performing assets) as a percentage of total advances increased to 1.61 per cent (0.82 per cent).

Total deposits grew by 25 per cent. However, advances growth was lower at 17 per cent. While credit to SME’s (small and medium enterprises) and agriculture grew at a robust rate of 34 and 24 per cent, credit to retail sector grew by only 6 per cent.

Bank of Maharashtra’s scrip ended at Rs 43.05 on the BSE on Friday, down marginally from the previous close of Rs 43.15.

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