Bank of Maharashtra Q4 net up 145.24%

Public sector lender Bank of Maharashtra (BoM) registered a whopping 145.24 per cent growth in profit to Rs 137.31 crore during the fourth quarter of the 2008-09 financial year against Rs 55.99 crore posted in the corresponding quarter of the previous financial year. The bank’s revenue grew to Rs 1,321.9 crore during the January-March 2009 quarter, up 26 per cent over Rs 1,049.11 crore posted a year ago, the company said in a filing to the Bombay Stock Exchange.

On an annual basis, the company profit hit Rs 375.17 crore during year 2008-09, which is a growth of 14.24 per cent against Rs 328.39 crore posted during the previous fiscal. The income rose to 4,791.58 crore during 2008-09, which is a jump of 25.41 per cent over Rs 2,820.76 crore income registered during the year 2007-08, the company said. The growth in the net profit during the January-March 2009 quarter came from non-interest income of Rs 207.75 crore.

 

The Pune-based bank reported a total business of Rs 87,072 crore during the recently-concluded financial year, which is a rise of 21.68 per cent over the business done during the previous fiscal.

“We plan to cross Rs 1lakh crore business during the 2009-10 financial year. The growth will predominently come from the 20 per cent projected rise in credits,” BoM Chairman and Managing Director Allen Pereira said at a press conference on Thursday.

The bank’s deposits grew by 25.14 per cent to Rs 52,255 crore, while gross credit increased by 16.84 per cent to Rs 34,817 crore, Pereira stated. The bank, in the near future, plans to add 26 new branches to its present tally of 1,422. “During the present financial year, we will apply for additional 70 to 80 new branch licenses,” he stated.