Bank of Maharashtra has restructured loan worth around Rs 1,100 crore, extended to Rajasthan State Electricity Board (RSEB), in the third quarter ended December 31,2011 in order for allocating latter’s board more time to for repayment. There will be a moratorium of around six months to one year for RSEB with regard to loan repayment. The public sector lender has received a state government guarantee along with higher rate of interest as part of debt recast deal.
The bank's net profit increased by 50.18% to Rs 135.54 crore for the quarter ended December 31, 2011, from Rs 90.25 crore in the corresponding year-ago quarter. Total income rose by 30.14% to Rs 2020.78 crore for the quarter under review from Rs 1552.74 crore for the same quarter last year. The bank’s gross NPA for the December quarter of the current fiscal stood at 2.06%, while the same was at 3.15% for the corresponding quarter of the previous fiscal. Meanwhile, bank’s net NPA stood at 0.54% as compared to 1.85% in the same quarter of the previous year.
