Bank of Maharashtra (MAHABANK) Q4 00/01 earnings summary

Executive summary

• FY2000-01 operating profit rose to Rs.239.98 crore from Rs.231.60 crore, while net profit fell to Rs.45.19 crore from Rs.90.14 crore; VRS costs weighed on earnings.

• Deposits grew 26.84% and advances 27.04%; net NPA ratio increased to 7.41% from 6.97%.

Financial highlights

• Total income was Rs.1,928.27 crore versus Rs.1,651.83 crore; interest earned was Rs.1,705.88 crore versus Rs.1,467.27 crore.

• Interest expense increased to Rs.1,147.57 crore from Rs.1,000.15 crore; operating expenses rose to Rs.540.72 crore from Rs.420.08 crore.

• Provisions and contingencies were Rs.194.78 crore versus Rs.141.46 crore; net profit was Rs.45.19 crore versus Rs.90.14 crore.

• Investment interest income rose 13.60% to Rs.935.91 crore; trading profit increased 30.03% to Rs.81.10 crore.

Segment performance

• Advances reached Rs.6,672.53 crore, up 27.04%; the increase of Rs.1,420.32 crore was the largest reported annual growth in advances.

• Priority-sector advances were Rs.2,782.44 crore, 40.39% of net credit; agricultural finance was Rs.859.43 crore and small-industry credit Rs.871.98 crore.

• Foreign-exchange turnover was Rs.65,524 crore, including Rs.5,100 crore merchant turnover; export credit outstanding was Rs.577.67 crore, 8.38% of net credit.

• The 3 sponsored regional rural banks were profitable, with combined deposits of Rs.641.57 crore, advances of Rs.300.86 crore and a 46.89% credit-deposit ratio.