( From Left to Right) Shri Asheesh Pandey, Executive Director, Shri. A S Rajeev, MD&CEO & Shri. Vijayakumar, Executive Director, Bank of Maharashtra while addressing press conference via videoconference.
Bank of Maharashtra reported an over two-fold increase in its consolidated net profit at Rs 355 crore in the quarter ended March, which is due to a decrease in the bad loan proportions, thus requiring lesser provisioning. For the full year 2021-22, the bank’s consolidated net profit doubled to Rs 1,151.64 crore, as against Rs 551.41 crore in 2020-21. On the asset quality, there was a significant improvement in Gross Non-Performing Assets (NPAs). The gross NPAs were worth Rs 5,327.21 crore, down from Rs 7,779.68 crore. Net NPAs were of the value of Rs 1,276.57 crore, down from Rs 2,544.32 crore. Total income was higher at Rs 15,672.17 crore during the year, from Rs 14,497.56 crore in the previous fiscal 2020-21. Bank’s provisioning for bad loans and contingencies for Q4FY22 came down to Rs 365.38 crore, against Rs 1,341.26 crore for last year. The consolidated financial results of the bank include the results of the holding company –Bank of Maharashtra, subsidiary company The Maharashtra Executor and Trustee Company Pvt Ltd, and the associate company Maharashtra Gramin Bank. ”Consequently, during the current year, the bank has remeasured its deferred tax assets and deferred tax liabilities as of December 31, 2021, and reversed the amount of Rs 716.87 crore by debiting from profit and loss account,” it said. The board members of the bank also approved raising of Rs 5,000 crore capital through follow-on public offer, rights issue, qualified institutional placement, preferential issue or any other mode or a combination thereof or through the issue of Basel III compliant bonds or any other such securities.
