Bank of Maharashtra

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BANKING

Bank of Maharashtra net profit up by 65.32% in Q2


Oct 24, 2012

Bank of Maharashtra, one of the largest banks in Western Maharashtra, posted a 65.32% rise in net profit at Rs. 166.01 crore for the second quarter of FY2012–13 as compared to Rs. 100.42 crore for the second quarter of FY2011–12.
The bank’s operating profit for Q2 increased to Rs. 472.88  crore as against Rs. 425.04 crore for Q2 of FY2011-12, recording a growth of 11.26%.
Net profit for half year ended September 2012 increased by 37.76% to Rs. 306.47 crore as compared to Rs. 222.46 crore for the half year ended September 2011.
The total income of the Bank was at Rs. 4651.39 crore for the first half of FY 2012–13 as compared to Rs. 3762.64 crore for the first half of FY 2011–12, showing an increase of Rs888.75 crore [+23.62%] on y-o-y basis.
During Q2 of 2012-13, the total income stood at Rs. 2434.09 crore in comparison with Rs. 1945.01 crore in Q2 of previous fiscal, showing an increase of Rs. 489.08 crore [+25.15%].
Net interest income increased by Rs. 145.57 crore from Rs. 1224.46 crore in the first half of FY 2011–12 to Rs. 1370.03 crore in the first half of 2012–13, recording an increase of 11.89% on y-o-y basis. The Net interest Margin (NIM) worked out to 2.95%.
As compared to the second quarter of 2011–12, net interest income increased by Rs. 85.86 crore from Rs. 633.08 crore to reach Rs. 718.94 crore [+13.56%] during the second quarter of 2012–13.
Total Business of the Bank as on 30.09.2012 stood at Rs1,51,320.02 crore. The total business increased by Rs. 31039.08 crore (+25.81%) to Rs. 1,51,320.02 crore from Rs. 120280.94 crore on 30.09.2011.
Highlights:
  • Net Profit up by 37.76% to Rs306.47 crore in H1
  • Net Profit up by 65.32% to Rs166.01 crore in Q2
  • Total Business up by 25.81% to Rs1,51,320 crore
  • Deposits up by 24.74%
  • Advances up by 27.25%
  • Total Income up by 23.62% to Rs4651.39 crore in H1
  • Total Income up by 25.15% to Rs2434.09 crore in Q2
  • Non-Interest Income up by 22.53% to Rs177.20 crore in Q2
  • NIM at 2.99% in Q2
  • Gross NPAs reduced to 2% from 2.15% as at 30.09.11.
  • Net NPA reduced to 0.88% from 0.97% as on 30.06.12

AWARDS

 Won the Best Public Sector Bank award for 2011-12 under the category Asset Quality 
by Dun & Bradstreet-Polaris Financial Technology 

 Awarded the Best Banker – Customer Friendliness for 2012 by The Sunday Standard 
 National Vigilance Excellence Award 2012 for the Best Case Study by Vigilance Study 
Circle Hyderabad. 

 Second Award for the Best Case Study by the Vigilance Study Circle (Mumbai  
Chapter).




Results at a glance – H1, FY 2012-13

Net Profit for Half Year ended Sept ‘12 increased by 37.76% to `306.47 crore as compared to ` 222.46 crore for Half Year ended Sept ‘11
Operating Profit for Half Year ended Sept ‘12 increased to `913.09 crore compared to `839.91 crore for Half Year ended Sept ‘11 with a growth rate of 8.71%
Total Income increased by ` 888.75 crore at the rate 23.62% over Half Year ended Sept ‘11
Interest Spread for Half Year ended Sept ‘12 increased to `1370.03 crore recording a growth rate of 11.89% over Half Year ended Sept ’11.
Inspite of adverse economic conditions and pressure on the margins, Net Interest Margin (NIM) was recorded at 2.95% for Half Year ended Sept ‘12.
The Yield on advances improved to 11.43% as compared to 11.21% for Sept 11.
The Gross NPA ratio reduced to 2.00% as at September 2012 from 2.15% as at Sept 2011.
Net NPA ratio sequentially came down from 0.97% as at 30.06.2012 to 0.88% as at 30.09.2012.
Healthy CASA deposits share in total deposits at 37.44%.
Business per employee improved to `10.99 Crore from ` 8.61 cr a year ago.

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