Bank of Maharashtra's Q1 nearly doubles at Rs 266.33 cr

State owned Public sector lender Bank of Maharashtra (BoM) has nearly doubled to Rs 266.33 crore for the year ended June 30, 2013, as compare to 140.46 crore, nearly double over the previous year. Total income for the quarter grew 34.14% to Rs 2974.31crore as compared to Rs 2217.30 crore last year.

The bank is opening 272 new branches across India.

Bank's net NPA has reduced to 1.80% from 2.24 as on June 30, 2013. Bank is opening 225 new branches across India. Also, bank is offering special services for HNIs. It has started door step banking in Pune and Mumbai and later at other 28 cities across India. Under this initiative, account holders can deposit up to Rs 2 crore or withdraw up to Rs 50 lakh from their homes or offices.

The bank has also launched reverse mortgage product for senior citizens.

Commenting on reports published that the finance ministry has sought an explanation from Bank of Maharashtra on the 34% rise in the state-run lender's credit growth over the last fiscal, Narendra Singh, CMD, Bank of Maharashtra said, " We have not been asked for any explaination by the finance ministry. The report is totally wrong."

Net non-performing assets declined to 0.80% from 0.97%. The bank's capital adequacy ratio as of June 30 stood at 11.83%.

Bank has engaged the services of Ernst & Young, an international consultancy, for strategic business transformation. The purpose is to improve productivity for maximizing customer satisfaction and delightful banking experience for customers in various areas like customer services, Current & Saving Deposit (CASA) and sales performance in retail & SME loans.