HomeBusinessFinancial institution of Maharashtra Q1 internet doubles to Rs 208 cr, main...

Financial institution of Maharashtra Q1 internet doubles to Rs 208 cr, main enchancment in NPAs

Financial institution of Maharashtra’s (Maha Financial institution’s) internet revenue rose by 106 per cent to Rs 208 crore within the first quarter ended June 2021 (Q1FY22) enchancment in internet curiosity margins.

The Pune-based public sector lender, had posted internet revenue of Rs 101 crore throughout the identical quarter final 12 months (Q1FY21).

The financial institution stated in a press release that its internet curiosity revenue (NII) rose by 29 per cent in Q1FY22 to Rs 1,406 crore from Rs 1,088 crore in Q1FY21. Internet curiosity margin (NIM) for the reporting quarter rose to three.05 per cent for Q1FY22 from 2.43 per cent for Q1FY21.

Non-interest revenue was up by 87 per cent on YoY foundation to Rs 691 crore in Q1FY22.

The financial institution’s asset high quality profile, improved with gross non-performing property at 6.35 per cent by June 2021 from 10.93 per cent in the course of the year-ago quarter. Internet NPAs dipped to 2.22 per cent in the course of the quarter from 4.1 per cent a 12 months in the past.

Provisions for non-performing property rose to Rs 501 crore in Q1FY22 from Rs 409 crore in Q1FY21. The availability protection ratio (PCR) rose to 90.7 per cent for the quarter underneath evaluation from from 85.62 per cent a 12 months in the past.

Advances have been up 14 per cent to Rs 1,10,592 crore in Q1FY22, whereas deposits additionally grew by 14 per cent to Rs 1,74,378 crore in June 2021.

The financial institution’s whole Capital Adequacy Ratio (CRAR) stood at 14.46 per cent in June 202, up from 13.21 per cent in June 2020.

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