Bank of Maharashtra's net profit up 92%

Bank of Maharashtra announced its net profit for the second quarter is up by 92 per cent at Rs 100.42 crore compared from Rs 52.3 crore in the same period last year.

Also up is the bank's total income, which increased by 36.44 per cent from Rs 1,425.61 crore to Rs 1,945.15 crore for the second quarter. Its Net Interest Income reported a 37.65 per cent growth at Rs 1,800.39 crore from Rs 1307.96 crore, while the non-interest and other income has risen by 23 per cent to Rs 144.62 crore, a bank statement said here.

The gross non-performing assets ratio of the bank dipped by 143 basis points from 3.58 per cent to 2.15 per cent, while the net NPA ratio decreased by 161 bps from 2.18 per cent to 0.57 per cent on YoY basis, it said.

"During the year, it was a challenge for the banking sector to maintain the asset quality. BoM has done well in recovering the NPAs and in containing the slippages in asset quality to a large extent. The bank hopes to bring down gross NPA level below 2.25 per cent and net NPA below 1.25 per cent," said Bank of Maharashtra Chairman and Managing Director A S Bhattacharya.

The bank continues to give focused attention to cater to the credit needs of MSME sector. The bank has set a target of achieving total business of Rs 1,40,000 crore with mix of deposits Rs 80,000 crore and advances Rs 60,000 crore in FY 12, Bhattacharya said.