BoM profit increases 3.5 times

The bank posts profit of Rs 269 cr, total income jumps 53% to Rs 3,164 cr

Bank of Maharashtra has reported a net profit of Rs 269 crore for the quarter ended March 31, as compared with Rs 72.83 crore, up 3.5 times, the previous year. Total income for the quarter grew 52.76 per cent to Rs 3,163.88 crore as compared with Rs 2,071.21 crore last year.

Net profit rose 76 per cent to Rs 759.52 crore against Rs 430.83 crore of last year. Total income rose 34 per cent to Rs 10,525.43 crore from Rs 7,854.63 crore.

The bank's net NPA has reduced to 0.52 per cent from 0.84 as on March 31, 2013.

Commenting on the results, Narendra Singh, CMD, Bank of Maharashtra said, "We have achieved this growth due to optimum utilisation of our resources. But the drought situation may hit our business in the future. However, we have done very well during this financial year, so we will cover it up by next year. We will propose to take the branch network to 2,000 during the current financial year."

The bank is aiming for a business of Rs 2.30 lakh crore by the end of March 2014. It will open 272 new branches across India. It also has a plan to appoint 2,000 officers across India.