Pune: Shri S. Muhnot, Chairman & Managing Director, Bank of Maharashtra announced the Q2 Financial Results of FY 2015-16 along with Shri R. Athmaram & Shri R. K. Gupta, Executive Directors of the Bank.
The Operating Profit shows an increase of 15.53% (Y-o-Y) from Rs.1059.43 Cr. to Rs. 1223.94 Cr. in spite of slow economic conditions. Net Profit is at Rs. 131.47 Cr. as against Rs. 280.73 Cr. in corresponding period of last year. The same shows decline due to higher provisions and contingencies during the quarter.
The CASA Deposits have grown by 7.76 % with a rise of Rs. 3237 Cr. on Y-o-Y basis. Net Interest Income (NII) increased by 4.53% (Rs. 285.08 Cr.) and was at Rs. 6578.29 Cr.
Total Income stood at Rs. 7029.61 Cr., showing increase of Rs.323.93 Cr. (4.83%) over H1 2014-15.
Staff Expenses to AWF decreased from 1.22 % to 1.02% compared to H1 FY 2014-15.
Agriculture Advances and MSE Advances show Y-o-Y increase of 13.64% and 3.17% and stood at Rs. 16722.64 Cr. and Rs. 15324.40 Cr. respectively.
Shri Muhnot explained that due to adverse economic conditions, Net NPA stood at 5.59% and Gross NPA at 7.98%. However, Bank has shown Capital Adequacy Ratio (CRAR) under BASEL III at 11.23% as against regulatory requirement of 9%.
The Bank has launched Mudra Card to avail hassle free flexible Credit Product that meets the working capital needs of Micro and Small Entrepreneurs. Bank has also launched Soil & Water Health Card which will enable farmers to know the level of nutrients available in the soil of the farm.
The Bank has been awarded as the “Best Bank among Mid –Sized Banks” in the Use of Technology for Fraud Prevention and NPA Management and Managing IT Infrastructure categories in the 11th Banking Technology Excellence Awards organized by IDRBT (Institute for Development and Research in Banking Technology – established by RBI).
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