Bank of Maharashtra profit of Rs 81 crore in Q1

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Published: July 30, 2019 1:57:35 AM

Bank of Maharashtra (BoM) has reported a profit of Rs 81.09 crore during Q1FY20 compared with the loss of Rs 1,110 crore it had made in Q1FY20.

This is the highest operating profit the bank has achieved in the last 2-3 years, MD & CEO AS Rajeev said.

Bank of Maharashtra (BoM) has reported a profit of Rs 81.09 crore during Q1FY20 compared with the loss of Rs 1,110 crore it had made in Q1FY20.

BoM’s operating profit rose by 40% year-on-year to Rs 658.45 crore during the quarter. The bank’s net interest margin (NIM) improved by 26 basis points to 2.59% from 2.33%. Net interest income (NII) rose by 16.11% to Rs 997 crore. The cost of deposit has come done by 11 bps to 4.48% from 4.99%. Non-interest income rose by 20.98% to Rs 419.24 crore. Yield on investments increased to 7.19% from 7.10% in the same period in PY.

Gross NPA ratio stood at 16.40% while net NPA ratio was 5.52%. Net NPAs were down 622 bps. Gross NPA stood at Rs 16,649 crore which was 17.90% of gross advances. Net NPA was at 4,856.27 crore,which was 5.98% of new advances. The bank said the provisional coverage ratio (PCR) had improved to 81.24% from 62.19%.

This is the highest operating profit the bank has achieved in the last 2-3 years, MD & CEO AS Rajeev said.

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