PUNE: The net profit of Bank of Maharashtra increased to Rs 114.66 crore for the quarter ended on September 30, 2019, as against Rs 27 crore for the quarter ended on September 30, 2018. The bank has attributed it to increase in net interest income, reduced provisioning and enhanced asset quality.
However, the net profit of the bank also has increased to Rs 195.78 crore for the half-year ended September 30, 2019, as against the loss of Rs 1,092 crore in the corresponding previous half-year. This announcement was made in a meeting held at the head office in the city on Tuesday. The board of directors of Bank of Maharashtra has approved the bank results for the quarter and half-yearly ended September 30, 2019.
“Our overall performance has improved and we hope to bring down the gross NPA below 15 per cent and net NPA below four per cent by the end of this financial year,” said AS Rajeev, Managing Director and Chief Executive Officer during the interaction with media. However, the gross NPA of the bank has reduced as it stood at Rs 15,408.51 crore (16.88 per cent) as on September 30, 2019, as against Rs 16,872.84 crore (18.64 per cent) on September 30, 2018. Gross NPA at the end of first quarter i.e. On June 30, 2019, was Rs 16,649.58 crore (17.90 per cent).
The net NPA stood at Rs 4,406.56 crore (5.48 per cent) as on September 30, 2019, as against Rs 8,742.86 crore (10.61 per cent) as on September 30, 2018. However, the net NPA of the bank was 5.52 per cent as on March 31, 2019.
The total business of the bank increased to Rs 2,32.846.74 crore as on September 30, 2019, as against Rs 2,26,068.86 crore as on September 30, 2018. The operating profit of the bank increased to Rs 1,410.26 crore for the half-year ended on September 30, 2019, as compared to Rs 1,264.66 crore for the half year ended September 30, 2018, showing a growth of 11.51 per cent.
Talking about the expansion, Rajeev said, “We were also looking forward to expanding the branches in locations where we do not have a presence.”