Bank of Maharashtra net profit rises 53% to Rs 222.02 crore

Pune: Bank of Maharashtra has recorded a 53-per cent jump in its net profit for the year 2002-2003. Its net profit as on 31 March 2003 stood at Rs 222.02 crore (Rs 145.41 crore in 2001-02).

The operating profit was Rs 520.58 crore, registering a growth of 25.43 per cent over the previous fiscal of Rs 415.04 crore. The bank is planning to cross the business level of Rs 40,000 crore this fiscal. Its total business has crossed Rs 32,000 crore last fiscal, recording a growth of 15.67 per cent over the previous year.

The total income of Rs 2,442.15 crore (Rs 2,305.58 crore) and non-interest income had increased by 17.23 per cent to Rs 360.47 crore. The capital adequacy ratio increased from 11.6 per cent to 11.76 per cent during 2002-03, which is above the benchmark of 9 per cent stipulated by the Reserve Bank of India.