Bank of Maharashtra Q3 results: Profit rises 14% to Rs 154 cr

State-possessed Bank of Maharashtra (BoM) on Tuesday revealed a 14 percent increment in net benefit to Rs 154 crore for the second from last quarter finished December 2020, helped by a decrease in awful advances.

The Pune-based bank had posted a net benefit of Rs 135 crore in a similar quarter a year back.

The all out pay of the bank rose to Rs 3,577 crore from Rs 3,319 crore in the year-prior period, BoM said in an assertion.

On the resource quality front, the bank recorded improvement with net NPA declining to 7.69 percent, or Rs 8,072.43 crore from 16.77 percent, or Rs 15,746 crore.

Also, Net NPAs (non-performing resources) facilitated to 2.59 percent or Rs 2,578 crore as against 5.46 percent or Rs 4,507 crore.

Subsequently, the complete arrangement other than charge came down to Rs 498 crore contrasted with Rs 917 crore toward the finish of the second from last quarter past monetary. Of this, the arrangement for terrible credits came down to Rs 386 crore from Rs 794 crore toward the finish of December 2019.

The arrangement inclusion proportion improved to 90 percent as on December 31, 2020, as against 83 percent toward the finish of the second from last quarter past monetary, it said.

“In compatibility to Supreme court request, the bank has not pronounced records as NPA, which were not announced NPA till 31.08.2020. As an issue of reasonability, the Bank made an extra arrangement of Rs 150 crore (out of which Rs 30 crore arrangement made in current quarter),” it added.

The capital sufficiency proportion expanded to 13.65 percent against 11.21 percent and the Tier 1 proportion remained at 10.54 percent as of December-end.

Its absolute business expanded by 13.15 percent to Rs 2,66,875 crore toward the finish of December 2020.

Credit: Stocks-Markets-Economic Times

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