Money & Banking

Bank of Maharashtra Q3 net profit rises 14 per cent to ₹ 154 crore

Our Bureau Mumbai | Updated on January 19, 2021

Bank of Maharashtra (BoM) reported a 14 per cent increase in net profit at ₹ 154 crore in the third quarter ended December 31, 2020 against ₹135 crore in the year ago quarter.

Net interest income (difference between interest earned and interest expended) increased by 10 per cent to ₹1,306 crore ( ₹1,186 crore in the year ago period).

Total non-interest income, including fee based income, trading income and other income, was up 29 per cent to ₹ 570 crore (₹ 442 crore).

Gross non-performing assets (NPAs) declined to 7.69 per cent of gross advances as at December-end 2020 vis-a-vis 8.81 per cent as at September-end 2020.

In absolute terms, GNPAs declined by ₹ 1,033 crore in the reporting quarter.

NPAs

Net NPA position improved to 2.59 per cent of net advances as at December-end 2020 vis-a-vis 3.30 per cent as at September-end 2020.

The Pune-headquartered public sector bank saw a 54 per cent quarter-on-quarter (QoQ) increase in the number of accounts moving to the “special mention account (SMA) 2” category (principal or interest payment overdue between 61-90 days) to 14,022, with the outstanding amount rising 106 per cent QoQ to ₹ 1,419 crore.

The Bank, in a statement, said provision coverage ratio improved to 90 per cent as on December-end 2020 against 87 per cent as on September-end 2020.

Advances increased by 12 per cent year-on-year to ₹ 1,04,904 crore as at December-end 2020. Within the advances, retail advances and MSME advances were up 29 per cent and 26 per cent, respectively.

Total deposits increased by 14 per cent to ₹ 1,61,971 crore. The share of low cost current account, savings account (CASA) deposits improved to 50.91 per cent of total deposits from 50.51 per cent in the preceding quarter.

Published on January 19, 2021

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