Public sector Bank of Maharashtra has done a turn around in the second quarter of 2018-19 by posting net profit after reporting net losses (after taxes) for last 10 quarters (since March 2016). The Pune headquartered bank posted Net profit Rs 27.00 crore for the second quarter of FY 19 as against loss of Rs (23.24) crore for the corresponding quarter in FY 18.
Operating profit of the bank was up 15% and improved from Rs 692 crore for Q2 FY 18 to Rs 794 crore for Q2 FY 19. Increase in operating profit was mainly on account of improved net interest income, recovery in written off accounts and lower operating expenses, the bank said in a media statement.
The bank’s non-interest Income increased 10%, from Rs 369 crore for Q2 FY 18 to Rs 405 crore for Q2 FY 19. Net interest income for Q2 FY 19 was Rs 1003 crore as against Rs 963 crore for Q2 FY 18 registering growth of 4%.
Net Interest margin (NIM) improved from 2.64% for Q2 FY 18 to 2.76% for Q2 FY 19. There was a robust increase of 882% in recovery of written off accounts, from Rs 13.47 crore for Q2 FY 18 to Rs 132.33 crore for Q2 FY 19.
Continuing its stress on retail lending the bank opened its first specialized Housing Finance Branch in Pune. This dedicated branch will deal with all Housing Loan requirements. Now, the formalities of processing the loan proposals of customers will be done faster and bank can give decision on housing loan proposals instantly. It will be an exclusive Branch for Financing Housing Loan proposals and provide end-to-end solutions like scouting of proposals, documentation and disbursement under one roof.
(In the pic: L. N. Rath, Chief Vigilance Officer, A. C. Rout, Executive Director, Datta Doke, General Manager (Credit Priority), Prashant Khatavkar, General Manager & Zonal Head, Pune City Zone)
As per the Central Vigilance Commission guidelines, the Vigilance Awareness Week is being celebrated from 29th October to 3rd November 2018 at all the Branches & Offices of Bank of Maharashtra and Maharashtra Gramin Bank. In Pune East Zonal Office the integrity pledge was given by the Mayor Mukta Tilak. The Mayor herself took a pledge by way of on line “E-Pledge”. Mr Maniyar, the Zonal Head expected that every citizen of this nation should act according to the pledge and build new India by eradicating corruption.
