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Bank of Maharashtra Recorded highest growth in profitability with bottom-line growing almost 126 per cent to Rs 2,602 crore during the year

Bank of Maharashtra Recorded highest growth in profitability with bottom-line growing almost 126 per cent to Rs 2,602 crore during the year

•             With regard to Capital Adequacy Ratio, BoM has 18.14 per cent highest among PSBs as on March 31, 2023.

•             BoM has provided almost completely for the NPAs and has highest Provision Coverage Ratio at 98.28 per cent.

Chennai, 08 June 2023: Bank of Maharashtra organized a customer outreach program in Chennai to provide easy access to the bank's services to its customers. Customers and officials from Tamil Nadu & Pondicherry  participated in this event. The event showcased the bank’s dedication in promoting strong relationships with its valued customers. The presence of Asheesh Pandey, Executive Director of Bank of Maharashtra, as the chief guest, added prestige to the occasion.

The program commenced with ceremonial lamp lighting, symbolizing the illumination of knowledge and prosperity. During the program Mr. Asheesh Pandey,  Executive Director of the Bank briefed the customers about the Bank's new schemes, new investment plans, specialties of the bank accounts, YoY annual growth and future growth of the bank.

While addressing the customers, Mr.Asheesh Pandey, Executive Director, Bank of Maharashtra said, “It gives me great pleasure to see a large number of customers participating in our customer outreach event. Our bank is committed to provide all types of banking needs of customers under one roof. Every year our bank is growing significantly in the southern region. I owe my appreciation to our bank employees who are responsible for that. Likewise, I would like to thank our valued customers for their continued patronage of our bank.”

He added, Bank of Maharashtra (BoM) has emerged as the best bank as far as management of bad loans is concerned with net non-performing assets (NPAs) falling as low as 0.25 per cent during the financial year ended March 2023. This is the lowest ratio among all banks having total business above Rs 3 lakh crore not just in public sector banks (PSBs), according to published yearly numbers of banks. BoM has provisioned almost completely for the NPAs and has highest Provision Coverage Ratio at 98.28 per cent. With respect to Capital Adequacy Ratio, BoM has 18.14 per cent highest among PSBs as on March 31, 2023. In terms of loan growth, BoM retained top spot among the scheduled commercial banks by recording a 29.49 per cent increase on annual basis, as per the published data of banks. Current Account and Savings Account (CASA) deposit of BoM topped the chart with 53.38 per cent. Bank of Maharashtra also recorded highest growth in profitability with bottom-line growing almost 126 per cent to Rs 2,602 crore during the year. BoM has emerged as the top performer among public sector lenders in terms of loan and deposit growth in percentage terms during 2022-23”.

More than 350 customers attended the programme.  1261 SB accounts, 51 Current accounts ,757  PMSBY ,355 PMJJBY , 201 APY   and a total business of  165.47 crores were mobilised in this Customer Out reach.

Shri Asheesh Pandey, Executive Director, Bank of Maharashtra handed over the Sanction Letters to various customers ranging from beneficiaries of MSME ,Retail and Education Loans .


 

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