Bank of Maharashtra net profit doubles

Hyderabad: Bank of Maharashtra (BoM) emerged as the top performer among public sector lenders in terms of loan and savings deposit growth during the first quarter of current financial year.

The Pune headquartered lender recorded a 14.46 percent increase in gross advances at Rs 1,10,592 lakh crore in April – June period of 2021-22, according to a press release.

When it came to deposit mobilisation, BoM with nearly 14 percent growth was a notch behind Punjab & Sind Bank while the country’s largest lender SBI recorded a 8.82% rise. Current Account Saving Account (CASA) for BoM saw a 22% rise, the highest among the public sector lender during the quarter. As a result, CASA was 53% or Rs 92,491 crore of the total liability of the bank.

Total business of BoM increased 14.17% to Rs 2.85 lakh crore at the end of June 2021. For the first quarter BoM’s stand-alone net profit more than doubled to Rs 208 crore as against Rs 101 crore in the same period a year ago.

The Bank’s asset quality improved significantly as the gross bad loans or Gross Non – performing Asset ( NPas) dipped to 6.35% of gross advances by the end of June 2021 as against 10.93% by the end of first quarter of the previous fiscal, the release said.