Bank of Maharashtra: Public sector Bank of Maharashtra has set a target of achieving 25 to 30 percent growth in its profits in the current financial year 2022-23. The bank has said that it has been able to achieve good growth in profits due to increase in net interest income (NII) and reduction in provision for bad loans. In the last financial year 2021-22, the bank had earned a net profit of Rs 1,150 crore, which is more than double of Rs 550 crore in the previous financial year 2020-21.
NPA has come down
AS Rajiv, Managing Director and Chief Executive Officer (CEO) of Bank of Maharashtra has said in an interview that our net profit will increase further in this financial year. Last year, we had made provisioning more than operating profit to improve asset quality. Now our NPA has come down by one percent. Apart from this, the gross NPA is also less than four percent.
profit will increase by 25 to 30 percent
Rajiv said, “Now there will be no need to make any more provision for bad loans. This will automatically improve our profits. I estimate that our net profit will be 25 to 30 percent higher in 2022-23 as compared to the last financial year.
Expected to reach 7500 crores
Let us tell you that the bank is also expecting an increase in profits due to the increase in the net interest income. Net interest income is the difference between the interest charged by banks on loans and the interest paid on deposits. “We expect net interest income to grow by more than 20 per cent to reach Rs 7,500 crore in the current fiscal,” Rajiv said.
How was last year?
Let us tell you that in the last financial year, the net interest income of the bank was Rs 6,044 crore, registering a growth of 23.42 per cent. In the previous financial year 2020-21, it was Rs 4,897 crore.
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