New Delhi, July 07, 2015
The Annual General Meeting of the Bank of Maharashtra was conducted on 29th June, 2015. The Chairman & Managing Director, Shri Sushil Muhnot chaired the meeting. The meeting was also attended by Shri P.A. Sethi, Shareholders Director, Shri Sanjeev Jain, Director, Shri Saydiwal, Workman Director, Shri R. Athmaram and Shri R.K. Gupta, Executive Directors of Bank of Maharashtra.
The agenda of the meeting was transacted & approved by the Shareholders including election of Director through ballot by e-voting. Mr Thamodharan was elected as Shareholder Director. The Chairman in his speech highlighted the glorious tradition of the Bank, earning the trust of the stakeholders since last 80 years.
He narrated some of the achievements of the bank in Current Year –
a. Substantial jump in quarterly profit by 98% despite not so favourable economic condition.
b. Annual profit of the Bank has shown growth from Rs.385 crs as on 31.3.14 to Rs.450 crs as on 31.3.15.
c. The trust of the common man is reflected in CASA deposits which was to the tune of 37.09% of total deposits which is second highest among nationalized Banks.
d. In banking industry, many banks have reported loss due to NPA provisioning norms, yet Bank of Maharashtra has reported substantial rise in quarterly profit after making all mandatory provisions. Total income of the bank has improved by Rs.821 crs and NPA stood at 6.33% of total advances as on 31.3.15 as against 6.65% of total advances as of 31.12.2014. The NPAs were higher in Infrastructure and SME credit.
e. Business Per Employee has risen from Rs.14.39 crs as on 31.12.2014 to Rs.15.74 crs as on 31.3.15.
f. The CRAR of the bank as per Basel III norms was 11.94% as against requirement of 9%.
g. By mobilizing good number of accounts exceeding target under Prime Minister Jan Dhan Yojana Scheme, Bank has fulfilled its commitment for social cause.
h. The agriculture and priority sector target was achieved of the Bank, besides ensured to achieve 100% of Annual Credit Plan as SLBC convener.
During the meeting, certain small section of shareholders tried to disturb the proceedings which were however not supported by other majority shareholders.
CCI Newswire
