Bank of Maharashtra bags best bank award from State Forum of Bankers' Clubs Kerala

AgenciesUpdated: Sunday, March 27, 2022, 10:05 PM IST
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The award for 2020-21 was given to the bank upon analysing performance with a 360-degree view on various business parameters with a scoring model. / Representative image |

Bank of Maharashtra (BoM) has received the best bank award at national level under the public sector category from State Forum of Bankers' Clubs Kerala (SFBCK).

Kerala's Industries and Commerce Minister P Rajeeve handed over the award to BoM Managing Director A S Rajeev, the bank said in a statement on Sunday.

The award for 2020-21 was given to the bank upon analysing performance with a 360-degree view on various business parameters with a scoring model, it said, adding, the parameters included growth in deposits, advances, net profit, capital adequacy, credit deposit ratio, quality of assets, profit per employee and return on assets.

This award will further motivate the bank to put sincere efforts and help in becoming a strong pillar of growth, Rajeev said.

''Bank is doing fairly well with strong fundamentals. It has entered into the mid-sized bank category after declaring its Q3 FY22 results with a business mix of Rs 3,15,620 crore. Bank has registered a net profit of Rs 325 crore for Q3 FY22 with a growth of 111 per cent over previous year along with the highest ever net profit of Rs 796 crore during this period,'' he said.

The bank is riding on very good asset quality with net non-performing asset at 1.24 per cent and provision coverage ratio at 93.77 per cent, he added.

(With inputs from PTI)

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