Bank of Maharashtra announces net profit of Rs 57.57 crore

Bank of Maharashtra

Bank of Maharashtra has reported a net profit of Rs 57.57 crore for the quarter that ended March, a 20.46  percent year-on-year decline in standalone profit. The lender’s operating profit reportedly increased by 18.73 percent to Rs 595 crore.

Bank of Maharashtra

As on March 31, gross Non-Performing Assets (NPAs) of the bank stood at Rs 12,152.15 crore while net NPA was at Rs 4,145.38 crore as compared with gross NPA of Rs 15,324.49 and net NPA of Rs 4,145.38 crore on March 31, 2019. Gross NPA went down to 12.81 percent in FY20 as compared to 16.40 percent in FY19, while net NPA dropped to 4.77 percent from 5.52 percent during the same period.

The bank winded up FY20 with a net profit of Rs 389 crore as against a loss of Rs 4,783 crore during FY19. The lender reported that the operating profit for FY20 inflated by 29.55 percent y-o-y to Rs 2,847 crore. Net interest margin in FY20 saw an improvement by 2.60 percent as compared to 2.53 percent in FY19. Net interest income in Q4FY20 reported at Rs 1,022.51 crore as compared to `999.93 crore in Q4FY19. Provisional coverage ratio as on March 31 was at 83.97 percent.

Also Read: Bank of Maharashtra slashes repo linked lending rate by 75 bps

The lender stated that around 40 percent of its customers got benefited due to the moratorium on term loans. The bank approved around Rs 1,770 crore Covid-19 related loans to MSMEs. Further, it categorised loans of Rs 1,517 .3 crore as NPA and made additional provisions of Rs 295.83 crore.

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