Bank of Maharashtra has reported a significant increase in its net profit for the fourth quarter, with a rise of 45% to reach Rs 1,218 crore. The bank has also received approval from its board to raise up to Rs 7,500 crore.
At 1.88 percent, the bank's gross non-performing asset (NPA) decreased from 2.47 percent in the preceding quarter.
On April 26, public sector lender Bank of Maharashtra announced a 45% increase in fiscal fourth quarter net profit to Rs. 1,218 crore.
Last year, the bank reported a net profit of Rs 840 crore.
On April 25, the lender's BSE shares were trading at Rs 66.45 each, up nearly 2% from their previous close.
The PSU loan specialist likewise said that its board supported the proposition to raise up to Rs 7,500 crore through different modes.
"Board approved raising capital up to Rs 7,500 crore through the issuance of BASEL III Compliant Tier I and Tier II Bonds or other securities as may be permitted by applicable laws, as well as through the issuance of Rights Issue, Preferential Issue, ESPS, or any other mode or combination thereof," pending the necessary approvals," the Bank of Maharashtra stated in a filing with the stock exchange.
The net revenue pay (NII) of the loan specialist was up 18.2 percent YoY and remained at Rs 2,584 crore versus Rs 2,187 crore.
The lender's GNPA was 1.88 percent, compared to 2.47 percent the previous year, and its NNPA was 0.20 percent, compared to 0.25 percent the previous year.
Additionally, the lender declared a dividend of Rs 1.4 per equity share with a face value of Rs 10. The arrangement inclusion proportion of the bank remained at 98.34 percent.
The bank witnessed a 16.30 percent growth in advances, leading to total advances of Rs 2.03 lakh crore, up from Rs 1.75 lakh crore the previous year. Deposits of the bank also increased by 15.66 percent, standing at Rs 2.7 lakh crore versus Rs 2.34 lakh crore last year.
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