Money & Banking

Turnaround: Bank of Maharashtra Q3 net at ₹135 cr

Our Bureau Pune | Updated on January 20, 2020

Bank of Maharashtra logo   -  Website/Bank of Maharashtra

The Board of Directors of Bank of Maharashtra on Monday approved the bank’s results for the quarter and nine months ended December 31, 2019, at its meeting held at its Pune headquarters.

Operating profit of the bank (Q3 FY 20 Vs Q3 FY 19) grew to ₹842 crore showing a robust growth of 95 per cent. The net profit increased to ₹135 crore as against loss of ₹3,764 crore on Y-o-Y basis supported by an increase in net interest income, robust recovery, and control on expenses.

Interest income grew by 14 per cent to ₹3,016 crore, while Net Interest Income (NII) increased by 36 per cent to ₹1,186 crore. Non-interest income stood at ₹442 crore showing an increase of 8 per cent. The cost of Deposit decreased to 4.81 per cent as against 5.01 per cent. Cost to income ratio improved to 48 per cent in Q3 FY20 from 66 per cent in Q3 FY19.

Nine-month profitability

The operating profit of the bank increased to ₹2,252 crore showing a healthy growth of 33 per cent. Net profit, too, jumped to ₹331 crore as against the loss of ₹4,856 crore. Interest income registered a 7.61 per cent growth at ₹8,689 crore. NII grew by 19.12 per cent to ₹3,256 crore, while non-interest income increased to ₹1,257 crore — up by 8.21 per cent.

The bank’s total business increased to ₹2,35,867 crore as on December 31, 2019, showing a growth of 4.55 per cent. Total deposits increased to ₹1,41,986 crore — registering a growth of 4.4 per cent. CASA deposits stood at ₹68,246 crore as on December 31, 2019, showing an increase of 7.04 per cent. Share of CASA to total deposits increased to 48.07 per cent as on December 31, 2019, as compared to 46.88 per cent as on December 31, 2018. Gross Advances stood at ₹93,882 crore while retail, agriculture and MSME business increased to 57 per cent of total advances from 54 per cent.

Asset quality

Gross NPA stood at ₹15,746 crore (16.77 per cent) as on December 31, 2019, as against ₹15,509 crore (17.31 per cent) as on December 31, 2018.Net NPA stood at ₹4,507 crore (5.46 per cent) as against ₹4,647 crore (5.91 per cent). The bank has maintained healthy Provision Coverage Ratio of 82.63 per cent as on December 31, 2019.

Published on January 20, 2020

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