Bank of Maha Q3 net up 14%, focus shifts to RAM

Bank of Maharashtra (BOM) witnessed an increase of 21.25% in RAM (Retail, Agri

& MSME) business.

The bank intentionally shifted its exposure to RAM (Retail, Agri & MSME) from the corporate business, said A S Rajeev, CEO and MD of BOM. He also added that the stress due to COVID19 is almost gone as well.

Speaking to the Free Press Journal, A S Rajeev said, “MSME growth is back and there is no problem with their accounts. Only 5-6% of MSME accounts had to be restructured. The growth and recovery in that category is also the back.” In the ninemonth period of this fiscal, the MSME category grew by 18%.

Other than MSME, retail business like home loan demand also revived. “Due to pent up demand, the demand for retail loans will rise further,” he added. The retail advances grew by 28.89% to Rs. 27,540 crore in the third quarter ended in December 2020.

The bank reported a 14% rise in net profit to Rs 154 crore for the third quarter ended December. “The asset quality position of the bank has improved a lot and it looks to be comfortable in future also,” said A S Rajeev. Total income rose to Rs 3,577 crore from Rs 3,319 crore in the year-ago period.