BoM posts Rs 72.34 cr profit in Q4

ST CORRESPONDENT
Saturday, 4 May 2019

“Banks are incurring losses due to the provisions that have been made to balance the unproductive loans. The depreciation in the properties of the bank is also further adding to the loss,” said Rajeev.

PUNE: Bank of Maharashtra (BoM) registered a net profit of Rs 72.34 crore in the last quarter of FY2018-19. During the same period in previous financial year (2017-18), the bank had recorded a net loss of Rs 113.51 crore.

Moreover, the bank has reported a net loss of Rs 4,784 crore in FY 2018-19, which ended on March 31, 2019. During FY2017-18, the bank had a net loss of Rs 1,146 crore.

This was revealed during a press meet addressed by BoM CMD AS Rajeev on Monday. Chief Risk Officer & Credit Monitoring Ramesh Kshirsagar, Executive Director AC Rout, Executive Director Hemant Kumar Tamta and Bank of Maharashtra CFO VP Srivastava were also present at the press conference.

“Banks are incurring losses due to the provisions that have been made to balance the unproductive loans. The depreciation in the properties of the bank is also further adding to the loss,” said Rajeev.

“In the coming years, BoM will try to improve the standard of the loans given to corporate, retail, agriculture and small and medium scale industries. The bank will also try to recover the written amounts of loans to increase interest and other income. Office expenses will also be reduced. They will work with the aim of providing the best possible returns to their shareholders, and at the same time increase the profits,” he said.

PERFORMANCE AT A GLANCE
- BoM earned a net profit of Rs 72.38 crore in Q4 FY 19 as against a loss of Rs 113.49 crore in Q4 FY 18.
- BoM’s Total Business as of 31.03.2019 increased to Rs 2,34,117 crore as against Rs 2,33,626 crore as of 31.03.2018
- Gross NPAs decreased by Rs 3,109 crore from Rs 18,433 crore as of 31.03.2018 to 15,324 crore as of 31.03.2019. Gross NPA and Net NPA ratio is 16.40 pc and 5.52 pc as of 31.03.2019 as against 19.48 pc and 11.24 pc as of 31.03.2018.
- BoM maintains CET1 capital and CRAR ratio above the minimum prescribed regulatory requirement. Its CET1 Capital (including CCB) stood at 9.88 pc as of 31.03.2019 as against 8.97 pc as of 31.03.2018.

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