Bank of Maharashtra rose 4.13% to Rs 12.36 after net profit jumped 24.6% to Rs 101.02 crore on 2.3% rise in total income to Rs 3,264.81 crore in Q1 June 2020 over Q1 June 2019.
Pre-tax profit stood at Rs 101.13 crore in Q1 June 2020 compared with pre-tax loss of Rs 262.27 crore in Q1 June 2019. The result was announced post trading hours yesterday, 23 July 2020.
Net interest income increased to Rs 1,088 crore (increase of Rs 91 crore showing growth of 9.14%) for the quarter ended 30 June 2020 as against Rs 997 crore for the quarter ended 30 June 2019.
Gross non-performing assets (NPAs) stood at Rs 10,558.53 crore as on 30 June 2020 as against Rs 12,152.15 crore as on 31 March 2020 and Rs 16,649.58 crore as on 30 June 2019. The ratio of gross NPAs to gross advances stood at 10.93% as on 30 June 2020 as against 12.81% as on 31 March 2020 and 17.90% as on 30 June 2019. The ratio of net NPAs to net advances stood at 4.10% as on 30 June 2020 as against 4.77% as on 31 March 2020 and 5.98% as on 30 June 2019.
Provisions and contingencies fell 33.86% to Rs 608.94 crore in Q1 FY21 over Rs 920.72 crore in Q1 FY20. The provisional coverage ratio for the quarter stood at 85.62%.
The bank has made provision of Rs 275 crore in Q1 towards COVID-19 regulatory package provision and cumulative provision of Rs 425 crore as on 30 June 2020 as against regulatory requirement of Rs 75 crore at 10%.
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Gross advances grew 3.86% to Rs 96,621 crore on Y-o-Y basis as on 30 June 2020. Total deposits grew by 10.11% Y-o-Y basis to Rs 1,52,987 crore. The bank is maintaining a healthy CASA ratio of 50%. CASA increased by 13.51% on Y-o-Y basis to Rs 75824 crore.
24% of the bank's customers availed moratorium of term loans. COVID-19 related loans amounting to Rs 2,500 crore were sanctioned during quarter ended 30 June 2020 in MSME sector. Around 97% of branches & 89% of ATM remained operational during this COVID-19 pandemic.
The Government of India holds 92.49% stake in Bank of Maharashtra as on 30 June 2020.
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