Pune: Bank of Maharashtra expects early decision for DSK instances

Bank of Maharashtra hopes for an early decision of the instances earlier than the National Company Law Appellate Tribunal (NCLAT) pertaining to the DS Kulkarni Group.
During a press meet organised by the financial institution on Thursday to announce the primary quarter outcomes of the 2021-22 monetary yr, AS Rajeev, managing director and chief govt director of the financial institution, mentioned their utility is pending earlier than the tribunal.
Bank of Maharashtra is one among few banks, which has moved the NCLT for decision of their pending dues. Multiple functions of the financial institution are pending earlier than the tribunal and as Rajeev mentioned, they’re anticipating decision of them quickly. Insolvency of the DS Kulkarni Group has seen non-performing belongings of many banks, together with Bank of Maharashtra growing.
The first quarter outcomes of the financial institution confirmed a rise of 106 % in internet revenue to Rs 208 crore as in opposition to Rs 101 crore of the primary quarter of the final monetary yr. Similarly, working revenue confirmed a development of 56 % on year-on-year foundation to Rs 1,110 crore for the present fiscal as in opposition to Rs 710 crore of the final fiscal’s first quarter.
Despite the enterprise slowdown on account of pandemic-related restrictions, the gross NPA of the financial institution declined to six.35 % as on June 30, 2021, which was 10.93 per cent as on June 30, 2020. Gross NPA for the quarter ending on March 31, 2021, was 7.23 per cent.
Net NPA for the financial institution has lowered to 2.22 per cent on the finish of the present quarter, which was 4.1 per cent on the finish of the primary quarter of the final fiscal. The provision protection ratio improved to 90.7 per cent as on June 30, 2021, as in opposition to 85.62 per cent as on June 30, 2020. The identical was 89.86 per cent as on March 31, 2021.

During the quarter, the financial institution made Covid-19 provision of Rs 285 crore. The financial institution holds cumulative Covid-19 provision, together with curiosity of Rs 973 crore. The financial institution has reported whole enterprise of Rs 2,84,970 crore with gross advance of Rs 1,10,592 crore, of which advance for retail agriculture and MSME sector accounted alone for Rs 66,492 crore.