Friday, August 14, 2015

Bank of Maharashtra announced the Q1 Financial Results of FY 2015-16

Date: 13.08.2015
Performance Highlights of the Bank for the
Quarter ended 30th June 2015
Shri S. Muhnot, Chairman & Managing Director, Bank of Maharashtra announced the Q1 Financial Results of FY 2015-16 alongwith Shri R. Athmaram & Shri R. K. Gupta, Executive Directors of the Bank.
The Operating Profit shows an increase of 29.36% (Y-o-Y) from Rs.471.36 Cr. to Rs.609.77 Cr. inspite of slow economic conditions. Net Profit is at Rs.59.44 Cr. as against 117.82 Cr. corresponding period of last year. The same is decreased due to higher provisions and contingencies during the quarter.
During Q1 2015-16 the CASA Deposits has grown by 10.71% with a rise of Rs.4237 Cr. on Y-o-Y basis. Net Interest Income (NII) increased by 11.88% (Rs.108 Cr.) and was at Rs.1023.20 Cr.
Total Income stood at Rs.3526.14 Cr. showing increase of Rs.240.02 Cr. (7.30%) over Q1 2014-15.
Staff Expenses to AWF decreased from 1.25% to 1.04% compared to Q1 FY 2014-15.
Agriculture Advances and MSE Advances shown Y-o-Y increase of 18.75% and 10.13% and stood at Rs.15345.20 Cr. and 16256.85 Cr. respectively.
Shri Muhnot explained that due to adverse economic conditions, Net NPA stood at 5.04% while Gross NPA is at 7.86% at the same time, bank has shown Capital Adequacy Ratio (CRAR) under BASEL III at 11.61% as against regulatory requirement of 9%.
Bank has shown good performance in all recent Govt. initiatives viz. Pradhan Mantri Jan Dhan Yojana, Jeevan Jyothi Bima Yojana, Suraksha Bima Yojana, Atal Pension Yojana etc. The Bank has opened 24,89,134 Accounts under PMJDY Scheme. The Bank has also covered 5.75 lakh beneficiaries under PMJJBY Scheme and 10.98 lakh customers under PMSBY Scheme. Bank also ensures that the claims under these schemes are settled expeditiously. The Bank has launched Suraksha Deposit Schemes and is being implemented at all the branches to enroll more and more beneficiaries under these schemes.

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