Public sector Bank of Maharashtra (BoM) has made tremendous profits in the fourth quarter of January-March of the financial year 2021-22. The profit of the bank doubled to Rs 355 crore. The bank’s profit in the fourth quarter of the financial year 2020-21 was Rs 165.23 crore. Meanwhile, the share price of the bank has risen. Compared to a day earlier, the share price closed at Rs 18.15, up about 2 per cent.
How about income: However, Bank of Maharashtra’s total income declined to Rs 3,948.48 crore in the fourth quarter of the last financial year from Rs 4,334.98 crore in the January-March quarter of the financial year 2020-21. The total income of the bank increased to Rs 15,672.17 crore in the last financial year as against Rs 14,497.56 crore in the corresponding period of the previous financial year.
Bank’s profit has increased due to reduction in bad loans. The bank’s provision for bad loans declined to Rs 365.38 crore in the fourth quarter of FY 2021-22. It was Rs 1,341.26 crore in the fourth quarter of the financial year 2020-21.
In addition, the bank’s board has approved raising Rs 5,000 crore by way of subsequent public issue (FPO), rights issue, eligible institutional placement, preference issue or Basel III compliant bonds or any such other securities.