Bank of Maharashtra Wins Best Bank Award from State Forum of Bankers’ Clubs Kerala

Bank of Maharashtra (BoM) was awarded the Best Bank Nationally in the Public Sector Category by the State Forum of Bankers’ Clubs Kerala (SFBCK).

Kerala Industry and Commerce Minister P Rajeeve presented the award to BoM Managing Director AS Rajeev, the bank said in a statement on Sunday.

The award for 2020-21 was given to the bank after analyzing performance with a 360-degree view of various business metrics with a scoring model, he said, adding that the metrics included deposit growth, advances, net profit, capital adequacy, credit deposit rate, asset quality, earnings per employee and return on assets.

This award will further motivate the bank to make sincere efforts and help it become a strong pillar of growth, Rajeev said.

”The bank is doing quite well with solid fundamentals. It entered the category of medium-sized banks after reporting its results for the third quarter of FY22 with a business mix of Rs 3,15,620 crore. The bank recorded a net profit of Rs 325 crore for the third quarter of FY22 with a growth of 111% over the previous year as well as the highest ever net profit of Rs 796 crore in during this period,’ he said.

The bank is betting on very good asset quality with net non-performing assets at 1.24% and a provision coverage ratio at 93.77%, he added.

(With PTI entries)

Posted: Sunday, March 27, 2022, 10:05 p.m. IST