Bank of Maharashtra focuses on revival at 14th Annual General Meet

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Mumbai, June 19, 2017: Bank of Maharashtra held their 14th Annual General Meeting on Friday, 16th June 2017 at Pune. During the AGM, approval of shareholders was accorded to raise equity capital through FPO/Rights issue/QIP/Preferential share etc., aggregating not to more than Rs.2000 crore including share premium. Additionally, approval of share holders was accorded for the adoption of audited financial results of the Bank for the financial year ended 31.03.2017.

(L-R): Shri Deendayal Agrawal, Director, Shri P. A. Sethi, Director, Shri R.K Gupta, Executive Director, Shri R. P Marathe, MD & CEO, Shri A. C. Raut, Executive Director and Shri R. Thamodharan, Director, Bank of Maharashtra, during the 14th Annual General Meeting held on 16.06.2017 at Head Office, Pune

Speaking on the bank’s performance, Shri R. P Marathe, MD and CEO of the Bank said that based on the forecast of good monsoon, pickup in credit demand, Bank of Maharashtra aims to increase its retail, MSME and agriculture portfolio in the current year. As a strategy, the bank is focusing on NPA recovery, new credit expansion, controlling the slippages and improving the operational efficiency. He assured shareholders that the bank is making an all-out effort to turn around the bank and bring in profit during the current financial year.

He went on to comment on FY 2016-17 performance, adding that the bank has robust capital adequacy ratio of 11.18%, well above the required level of 10.25% as per Basel III norms; the CET 1 ratio stood at 7.28% as against the minimum required 6.75%. Bank of Maharashta’s operating profit for year 2016-17 stood at Rs. 1827 crore. The share of CASA deposits increased from 36.67% to 44.89% in FY16-17.

Shareholders were appreciative of the initiatives taken by Bank of Maharashtra since the start of financial year, FY17-18, to turn around the bank under leadership of Shri R P Marathe. Present at the AGM were Shri R.K Gupta, Executive Director, Shri A. C Raut, Executive Director, and amongst the other Directors, Shri R. Thamodharan, Shri P. A Sethi, Shri Deendayal Agrawal, were present during the AGM along with Top management of Bank of Maharashtra