Bank of Maharashtra (MAHABANK) Q4 02/03 earnings summary

Executive summary

• FY 2002-03 net profit rose 52.68% to Rs.222.02 crore from Rs.145.41 crore; operating profit increased to Rs.520.58 crore from Rs.415.04 crore.

• Deposits grew 15.13% to Rs.21,671.36 crore and net advances rose 15.17% to Rs.9,508.14 crore; capital adequacy was 11.76%.

Financial highlights

• Total income reached Rs.2,442.15 crore vs Rs.2,305.58 crore; interest earned was Rs.2,081.68 crore vs Rs.1,998.08 crore.

• Interest expended was Rs.1,405.37 crore vs Rs.1,411.30 crore; operating expenses increased to Rs.516.20 crore from Rs.479.24 crore.

• Provisions and contingencies were Rs.298.56 crore vs Rs.269.63 crore; net profit was Rs.222.02 crore vs Rs.145.41 crore.

• Interest income on investments increased to Rs.1,137.24 crore from Rs.1,099.33 crore; trading profit rose 29.30% to Rs.215.94 crore.

• Total assets were Rs.24,923.18 crore vs Rs.21,470.45 crore; investments reached Rs.11,801.53 crore and advances Rs.9,508.14 crore.

Segment performance

• Treasury revenue was Rs.1,422.87 crore and result Rs.296.05 crore; other banking operations generated Rs.1,019.28 crore revenue and Rs.266.97 crore result.

• Priority-sector advances reached Rs.3,885.23 crore, 41.60% of net bank credit vs the 40% target; agricultural advances were Rs.1,283.21 crore.

• Small-scale industry advances were Rs.941.17 crore across 26,528 units; retail advances excluding housing were Rs.703.12 crore across 95,313 borrowers.

• Foreign-exchange turnover was Rs.74,736 crore; export credit outstanding was Rs.463.13 crore at 31 March 2003.

• Of three sponsored regional rural banks, two reported operating profit; the third faced weak business growth, lower investment income and higher wage costs.