Bank of Maharashtra Q3 revenue rises 14% to Rs 154 crore

State-owned Bank of Maharashtra (BoM) on Tuesday reported a 14 per cent enhance in internet revenue to Rs 154 crore for the third quarter ended December 2020, helped by a decline in unhealthy loans.
The Pune-based lender had posted a internet revenue of Rs 135 crore in the identical quarter a yr in the past.
The whole earnings of the financial institution rose to Rs 3,577 crore from Rs 3,319 crore within the year-ago interval, BoM mentioned in a press release.
On the asset high quality entrance, the financial institution recorded enchancment with gross NPA declining to 7.69 per cent, or Rs 8,072.43 crore from 16.77 per cent, or Rs 15,746 crore.
Similarly, Net NPAs (non-performing property) eased to 2.59 per cent or Rs 2,578 crore as in opposition to 5.46 per cent or Rs 4,507 crore.
As a outcome, the whole provision apart from tax got here all the way down to Rs 498 crore in comparison with Rs 917 crore on the finish of the third quarter earlier fiscal. Of this, the availability for unhealthy loans got here all the way down to Rs 386 crore from Rs 794 crore on the finish of December 2019.
The provision protection ratio improved to 90 per cent as on December 31, 2020, as in opposition to 83 per cent on the finish of the third quarter earlier fiscal, it mentioned.

“In pursuance to Supreme court order, the bank has not declared accounts as NPA, which were not declared NPA till 31.08.2020. As a matter of prudence, the Bank made an additional provision of Rs 150 crore (out of which Rs 30 crore provision made in current quarter),” it added.
The capital adequacy ratio elevated to 13.65 per cent in opposition to 11.21 per cent and the Tier 1 ratio stood at 10.54 per cent as of December-end.

Its whole enterprise elevated by 13.15 per cent to Rs 2,66,875 crore on the finish of December 2020.