BoM Q2 net at Rs 90.45 cr

Mumbai, Oct 24 (UNI) Bank of Maharashtra's net profit has increased to Rs 90.45 crore during the second quarter ended September 2007 from Rs 61.29 crore in the corresponding period last year, a 47.57 per cent increase.

Total income has increased from Rs 682.96 crore for same quarter last year to Rs 912.86 crore for the quarter ended September this year, registering a growth of 33.66 per cent.

Bank CMD M D Mallya told reporters, ''The bank has plans to cover a total of 600 branches under CBS by March 31, 2008. Plans are afoot to introduce multiple delivery channels like Internet banking and Mobile Banking during the year. Real Time Gross Settlement (RTGS) scheme has been implemented at 420 branches.'' He added that total business reached Rs 61,923 crore, registering growth of 27.17 per cent over September 2006. Total deposits stood at Rs 36,864 crore against Rs 29,494 crore as on September 2006, recording a growth of 25 per cent.

During the second quarter, the bank added 3.50 lakh new accounts to its fold. During the quarter, the bank effected cash recovery of Rs 59.34 crore. During the half year, the total cash recovery was Rs 125.08 crore.

Bank's executive director Rajiv Madhok said, ''During the quarter, non interest income increased to Rs 61.83 crore against Rs 41.05 crore during the corresponding period of previous year, recording growth of 50.62 per cent. The commission, exchange and brockerage has grown by 28.69 per cent to Rs 46.33 crore. The Bank opened nine branches during the quarter. As on September 2007, the branch network comprised 1361 branches and ten extension counters spread over 22 states and two union territories. The Bank has a network of 342 ATMs with VISA connectivity.'' UNI