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Our Bureau

Mumbai, Jan. 23 Bank of Maharashtra posted an increase of 35.06 per cent in net profit at Rs 100.38 crore for the quarter ended December 31, 2007, against Rs 74.32 crore in the corresponding quarter last year due to growth in income.

According to Mr M.D. Mallya, Chairman and Managing Director, Bank of Maharashtra, the growth in profits was due to increase in both interest income from advances and interest income from investment.

The yield on advances increased improved to 10.12 per cent (8.72 per cent).

Trading profit from investment increased to Rs 26.66 crore (Rs 16.84 crore), an increase of 58.31 per cent.

Commission, exchange and brokerage income increased to Rs 48.9 crore (Rs 42.71 crore). “We expect to see total business at around Rs 71,000 crore by end of this fiscal, which is a growth of 24-25 per cent,” he said.

During the quarter non-interest income was Rs 80.27 crore (Rs 85.92 crore), as the amount recovered in written off account was lesser at Rs 15.78 crore against Rs 44 crore.

The bank reduced its provisions for NPAs to Rs 15.88 crore (Rs 45.73 crore). “We hope to have good recovery in the fourth quarter as well”, he said.

More Stories on : Financial Performance | Public Sector Banks

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