Bank of Maharashtra Q4 Results: Profit more than doubles to Rs 355 crore

New Delhi: State-owned on Thursday reported an over two-fold improve in its consolidated web revenue at Rs 355 crore within the quarter ended March, helped by a fall within the dangerous mortgage proportions, thus requiring lesser provisioning. The Pune-based lender had posted a web revenue of Rs 165.23 crore within the year-ago interval.

Complete earnings of the financial institution, nonetheless, was down at Rs 3,948.48 crore within the January-March quarter of 2021-22, as towards Rs 4,334.98 crore in the identical quarter of 2020-21, Financial institution of Maharashtra mentioned in a regulatory submitting.

For the total yr 2021-22, the financial institution’s consolidated web revenue doubled to Rs 1,151.64 crore, as towards Rs 551.41 crore in 2020-21.

Complete earnings was increased at Rs 15,672.17 crore throughout the yr, from Rs 14,497.56 crore within the earlier fiscal 2020-21.

Financial institution’s provisioning for dangerous loans and contingencies for Q4FY22 got here all the way down to Rs 365.38 crore, from Rs 1,341.26 crore parked apart within the year-ago interval.

On the asset high quality, there was a major enchancment with Gross Non-Performing Property (NPAs) falling to three.94 per cent of the gross advances as of March 31, 2022 from 7.23 per cent by March finish 2021.

Internet NPAs or dangerous loans shrank to 0.97 per cent as towards 2.48 per cent.

In worth phrases, the gross NPAs had been value Rs 5,327.21 crore, down from Rs 7,779.68 crore. Internet NPAs had been of the worth of Rs 1,276.57 crore, down from Rs 2,544.32 crore.

The consolidated monetary outcomes of the financial institution embrace outcomes of the holding firm –Financial institution of Maharashtra, subsidiary firm The Maharashtra Executor and Trustee Firm Pvt Ltd and the affiliate firm Maharashtra Gramin Financial institution.

Provision protection ratio of the financial institution stood at 94.79 per cent as of March 31, 2022.

The lender mentioned that with impact from evaluation yr 2021-22, it has opted for the brand new regime of tax below Revenue Tax Act, 1961.

“Consequently, throughout the present yr, the financial institution has remeasured its deferred tax belongings and deferred tax liabilities as on December 31, 2021 and reversed the quantity of Rs 716.87 crore by debiting from revenue and loss account,” it mentioned.

The board members of the financial institution additionally authorized elevating of Rs 5,000 crore capital via follow-on public provide, rights challenge, certified institutional placement, preferential challenge or some other mode or mixture thereof or via challenge of Basel III compliant bonds or some other such securities.

Inventory of Financial institution of Maharashtra traded at Rs 18.25 apiece on BSE, up by 2.53 per cent from the earlier shut.