Bank of Maharashtra (BoM) has reported a growth of 255.60% , a 3.56 times increase in its net profit for Q4 of FY 2012-13 to R258.99 crore against R72.83 crore for Q4 of FY 2011-12. Executive director CVR Rajendran said the net profit was among the highest for the bank in the last couple of years. The bank has reported a 76.29% rise in its net profit for FY 2012-13 to R759.52 crore compared to R430.83 crore in the year-ago period.

?The bank has decided to write off deferred tax accounts to the tune of R260 crore. The bank?s advances have grown by 51% while yield on advances has grown by 11.7%. The gross NPA ratio has reduced to 1.49% as on March 2013 from 2.28% last year, and net NPA ratio has reduced to 0.52% as on March 2013 from 0.84% in the year-ago period. The cost-to-income ratio for the year has also come down from 69.52% in the previous year to 43.3%. The balance sheet has been cleaned to a great extent and this has led to the rise in net profit in the fiscal,? he said at a press conference in Pune.

The operating profit for Q4 rose to R710.60 crore against R249.99 crore in Q4 of FY 2011-12, an increase of 184.25%, while total income for Q4 increased to R3,163.88 crore, a growth of 52.76% over Q4 of the previous year. The capital adequacy ratio improved to 12.59% versus 10.7% q-o-q, CMD Narendra Singh said.

Total business of the bank as on March 31 stood at R1,70,734.12 crore. The total business increased by R37,226.60 crore from R133,507.52 crore as on March 31, 2012, registering a growth of 27.88% on y-o-y basis. Total deposits of the bank increased by R17,808.28 crore to R94,336.93 crore as on March 2013 from R76,528.65 crore as on March 2012, recording a growth of 23.27% on y-o-y basis. The share of CASA deposits to total deposits stood at 40.79% as on March 2013.

Gross advances increased to R76,397.09 crore as on March 2013 compared to R56,978.87 crore, a growth of 34.08% on y-o-y basis. Priority sector credit stood at R24,719 crore, working out at 43.20% of ANBC. Agricultural advances stood at R7,972 crore against R6,098.21 crore, a growth of 30.92%.