Bank of Maharashtra posts 3% rise in net in Q1

Public sector Bank of Maharashtra (BoM) has reported a 3% rise in net profits for the first quarter of the current fiscal, amounting to Rs122 crore, as compared to Rs118 crore for the same period in the last fiscal.

The board of directors adopted the bank’s financial results (unaudited) at a meeting held on Monday.

Profits have not shot up much owing to various reasons, including increase in staff expenses and provisions as well as depreciation in investments.

BoM has recruited 435 officers and 193 clerks. New products like international credit card, eFD (a new term deposit product), e-Seva for making online payment of taxes at select branches were introduced.

The bank also increased its branch and ATM strength to 1,538 and 500 respectively across the country.

All ATMs have Braille-enabled keypads with voice guidance in Hindi and English. The bank has enabled biometric solutions in 11 ATMs allowing direct transaction for physically challenged and illiterate customers.

The bank also opened an exclusive branch for senior citizens in Cuff Parade, Mumbai, and added three more specialised self-help group (SHG) branches in Thane, Nashik and Aurangabad, besides its already existing two SHG branches in Pune and Mumbai.

During the quarter, the bank covered 270 un-banked villages to provide doorstep services, taking the total
to 754. The bank also launched customer-friendly projects like ‘Maha Mitra’ and ‘Swashakti’ for its women employees.