Bank of Maharashtra profit up 65.3%

Bank of Maharashtra posted a 65.3 per cent rise in net profit, at Rs 166 crore, in the second quarter ended September, on better growth in interest income and dip in provision burden.

The Pune-based public sector lender had posted a net profit of Rs 100 crore in the June-September 2011 period. Total income rose 25 per cent to Rs 2,434 crore from Rs 1,945 crore a year ago. Net interest income rose 13.6 per cent to Rs 718.94 crore. Net interest margin stood at 2.99 per cent. Non-interest income increased 22.5 per cent to Rs 177 crore from Rs 145 crore in Q2 of 2011-12.

 

Total business — deposits and advances — rose 25.8 per cent to Rs 1,51,320 crore from Rs 1,20,280 crore a year ago. Growth in advances was 27.25 per cent at Rs 68,778 crore.

Gross non-performing assets (NPAs) reduced to two per cent from 2.15 per cent at the end of September 2011. The NPA provision coverage ratio stood at 80 per cent. Capital adequacy ratio was 10.75 per cent with Tier-I pegged at 9.78 per cent.