Bank of Maharashtra (MAHABANK) Q4 01/02 earnings summary

Executive summary

• FY 2001-02 net profit rose to Rs.145.41 crore from Rs.45.19 crore; operating profit reached Rs.415.04 crore versus Rs.239.98 crore.

• Deposits grew to Rs.19,130.63 crore and advances to Rs.8,255.12 crore; CRAR improved to 11.16% from 10.64%.

Financial highlights

• Interest earned was Rs.1,998.08 crore versus Rs.1,705.88 crore; other income was Rs.307.50 crore versus Rs.222.39 crore.

• Total expenditure was Rs.2,160.17 crore versus Rs.1,883.08 crore; provisions and contingencies were Rs.269.63 crore versus Rs.194.78 crore.

• Net profit rose 221.77% to Rs.145.41 crore; operating profit was Rs.415.04 crore versus Rs.239.98 crore.

• Net worth increased to Rs.697.72 crore from Rs.577.96 crore; total assets were Rs.21,470.45 crore versus Rs.19,039.87 crore.

Outlook and guidance

• Rural Branch Mechanisation Project covering 664 branches across 24 regions was scheduled to begin in FY 2002-03; full business data capture was expected to support decisions and asset-liability management.

• Structured Financial Messaging System rollout was being initiated in Mumbai, Pune and Hyderabad; the service was launched in December 2001.