Bank of Maharashtra net profit surges 98 per cent in Q4

Bank of Maharashtra's net profit went up by 98 per cent in the fourth quarter of the fiscal ending March 31 at Rs 112.72 crore as against Rs 58.95 crore in the corresponding quarter of the previous fiscal.
The bank's operating profit during the reporting period was up by 17.38 per cent at Rs 678.40 crore, against Rs 467.18 crore in the corresponding period of the previous fiscal.
Total income in the Q4 FY15 was at Rs 3,598.89 crore against Rs 3,372.48 crore in Q4 FY14.
"We had targeted to bring down both cost of fund and cost of deposit. While our cost of fund came down by 15 basis points to 6.39, our cost of deposits also came down by 23 basis points to 6.97 during Q4 FY15 against the corresponding quarter of the previous fiscal.

"Besides, our current account and savings account (CASA) went up by 119 basis points in Q4 FY15 to 37.09 per cent over 35.90 per cent in Q4 FY14," Bank of Maharashtra Executive Director R K Gupta told PTI.
However, the net NPA of the bank also went up to 4.19 per cent in Q4 FY15 as against 2.03 per cent during the corresponding period a year ago.

Citing the reasons, he said both corporate and infrastructure sector could not do well.
"Hence, our net NPA per cent shot up during the reporting period over the corresponding quarter of the previous fiscal," he said.

Net profit for the year rose 17 per cent on a year-on-year basis for fiscal year 2014-15 at Rs 450 crore as against Rs 386 crore in FY14. Operating profit was up at Rs 2,355 crore in FY15 as against Rs 2,006 crore in FY14.
Total business of the bank reached Rs 2,23,329 crore as on March 31, 2015 as against Rs 2,07,171 crore as on March 31, 2014, registering a growth of 7.80 per cent on a year-on-year basis. CASA has contributed 37.09 per cent of the total deposits as of now, he said.