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Wednesday, October 24, 2012

Bank of Maharashtra Q2 net up 65% at Rs 166 cr

Pune-based Bank of Maharashtra has registered a 65.3 per cent growth in its Q2 FY’13 net profit which stands at Rs 166 crore versus Rs 100.4 crore in the same quarter of FY’12.

Total income in the two quarters being compared rose 25 per cent to Rs 2,434 crore (versus Rs 1,945 crore), while gross NPAs dipped slightly to stand at 2 per cent against 2.15 per cent as on September 30, 2011.

With total business crossing the 1.5 lakh crore milestone to touch Rs 1,51,320 crore at the end of September 2012, the bank has joined the league of medium category banks. This translates into a 25.8 per cent growth over Rs 1,20,281 in total business at the end of the same quarter of 2011.

Results for the half-year period ended September 30, 2012 indicate 37.8 per cent rise in its net profit which stands at Rs 306.5 crore versus Rs 222.5 crore in H1 FY’12. Total income rose 23.6 per cent to Rs 4,651 crore (Rs 3,762.6 crore).

Employee productivity improved with business per employee rising from Rs 8.61 crore at the end of Q2 last fiscal to Rs 10.99 crore this fiscal.

Business per branch stood at Rs 92.38 crore against Rs 76 crore as on September 30, 2011. Branches in the metro regions (425 in number) accounted for 63.5 per cent of the total business, while 570 branches in the rural regions accounted for 9.25 per cent share in business.

Narendra Singh, CMD, said that the bank was focusing on Maharashtra and wanted to grow its market share in the Pune region. It plans to open 220 new branches, including 99 in the State during FY’13.

Around 25 per cent of the new branches will be in un-banked areas. It also proposes to have a presence in Manipur and Nagaland where it has no branches to date.

Regarding its plans to go overseas, Singh said that the RBI approval was awaited, and the bank was willing to go to any overseas location.


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