Bank of Maharashtra’s net profit rose to Rs 87 crore in Q2 of this fiscal, as compared to Rs 71 crore in the corresponding quarter last year. This is a 23% increase and was mainly aided by a growth in the banks other income. Other income grew 140 per cent to Rs 149.47 crore but net interest income fell to Rs 275.78 crore, a 17 % decrease.
Increase in profit on sale of investment to Rs 60 crore (Rs 1 crore) pulled up the other income.Net NPAs (non performing assets) as a percentage of total advances increased to 1.61 per cent (0.82 per cent).
Total deposits grew by 25 per cent but advances growth was comparatively low at 17 per cent. Similarly, while credit to SME’s (small and medium enterprises) and agriculture grew at a rate of 34 and 24 per cent, credit to retail sector grew by only 6 per cent.
BoM provides home loans, car loans and personal loans to name a few.
