Daijiworld Media Network – Mangalore (VM)

Mangalore, Jan 28:  The Net Profit for the quarter of Bank of Maharashtra has increased to Rs 74.32 crore as against Rs 26.75 crore for the corresponding period of the previous year, registering a 178 % growth.

For the nine months period, the net profit is at Rs 196.57 crore as against Rs 84.20 crore in the corresponding period of last year.

The bank on Saturday, Jan 27 announced its financial results for the quarter ended 31st December 2006.

The Operating Profit increased to Rs 171.34 crore for the third quarter as against Rs 115.54 crore for the corresponding period of the previous year, registering growth of 48.29%.

The Non Interest Income during the quarter rose to Rs 114.79 crore registering a growth of 49.72%.

The total business of the Bank achieved a level of Rs 51914 crore registering a rise of 23% on year-on-year basis.

Total deposits of the Bank stood at Rs. 30766 crore, an increase of 15.85%. This was contributed by strong performance in mobilizing low cost deposits which registered a rise of 30.29% on Y-o-Y basis. The share of low cost deposits to total deposits rose from 39% to 44.07%. The cost of deposits accordingly has come down from 5.18% to 5.05%.