Bank of Maharashtra (BoM) reported a 14 per cent increase in net profit at ₹ 154 crore in the third quarter ended December 31, 2020 against ₹135 crore in the year ago quarter.

Net interest income (difference between interest earned and interest expended) increased by 10 per cent to ₹1,306 crore ( ₹1,186 crore in the year ago period).

Total non-interest income, including fee based income, trading income and other income, was up 29 per cent to ₹ 570 crore (₹ 442 crore).

Gross non-performing assets (NPAs) declined to 7.69 per cent of gross advances as at December-end 2020 vis-a-vis 8.81 per cent as at September-end 2020.

In absolute terms, GNPAs declined by ₹ 1,033 crore in the reporting quarter.

NPAs

Net NPA position improved to 2.59 per cent of net advances as at December-end 2020 vis-a-vis 3.30 per cent as at September-end 2020.

The Pune-headquartered public sector bank saw a 54 per cent quarter-on-quarter (QoQ) increase in the number of accounts moving to the “special mention account (SMA) 2” category (principal or interest payment overdue between 61-90 days) to 14,022, with the outstanding amount rising 106 per cent QoQ to ₹ 1,419 crore.

The Bank, in a statement, said provision coverage ratio improved to 90 per cent as on December-end 2020 against 87 per cent as on September-end 2020.

Advances increased by 12 per cent year-on-year to ₹ 1,04,904 crore as at December-end 2020. Within the advances, retail advances and MSME advances were up 29 per cent and 26 per cent, respectively.

Total deposits increased by 14 per cent to ₹ 1,61,971 crore. The share of low cost current account, savings account (CASA) deposits improved to 50.91 per cent of total deposits from 50.51 per cent in the preceding quarter.

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