Bank of Maharashtra registers 26 pc growth

Ahmedabad, Mar 16 (UNI) The Bank of Maharashtra (BoM) today announced that it has recorded a 26.09 per cent business growth during 2006.

Talking to reporters here, BoM chairman and managing director M D Mallya said as on December 31, 2006, the bank had achieved business of Rs 51,914 crore, comprising Rs 30,766 crore deposits and advances of Rs 21,148 crore.

He attributed the 26.09 per cent growth to the bank's over ten million customers.

Mr Mallya was in the city for the first time after taking over as CMD of the bank last year.

He said his purpose of the visit to Gujarat was to review the bank's business in the industrially advanced state and to meet the business community to further enhance the business.

He said with the excellent customer base, the bank was expecting a total business reach upto Rs 56,500 crore by March 31. The profit for the last nine months has also reached a high of Rs 196.57 crore, as against the Rs 84.20 crore during the same period last year.

''We have at present about 36 branches spread across the state, of which six are in rural Gujarat. They have a business of Rs 1241 crore, comprising deposits of Rs 900 crore, showing growth of 8.31 per cent,'' he said.

Mr Mallya said the implementation of Core Bank Solution (CBS) was under progress and would add another 600 branches by next financial year. Along with the normal banking services, the bank had started merchant banking, D-mat services, Bank Assurance tie up with LIC for Life Insurance and General Insurance with United Insurance Company.

In mutual fund, the bank has tied up with Franklin Templetion Mutual Funds.

He said the bank's main objective is to maintain high standards of safety and efficiency consistently and to keep away from dishonest practices, speculations and making available the banking facilities to the developing trade and industries.

The major thrust areas of the banks are increase in low-cost deposits so as to improve the net interest margin and reduction in gross non-performing assets (NPAs) below five per cent and net NPA below one per cent than the present 2.03 per cent, he added.

UNI