Bank of Maharashtra Q4 net dips 26 pc at Rs 56 cr

[N.Sukumar]

NEW DELHI: Bank of Maharashtra today said it will raise money through
a Follow-on Public Offer (FPO) or private equity even as the bank
posted a net profit decline of 26 per cent at Rs 55.99 crore for the
fourth quarter ended March 31.

The bank had a net profit of Rs 75.27 crore in the quarter ended March
31, 2007, Bank of Maharashtra said.

"We would be raising money through FPO or private placement during the
year to meet credit requirement," Bank of Maharashtra Chairman and
Managing Director M D Mallya said.

Total income of the bank for the quarter ended March 31, stood at Rs
1,049 crore as compared to Rs 853 crore in the corresponding quarter
last year.

However, for the year ended March 31, the bank reported 20.8 per cent
growth in net profit at Rs 328.39 crore, as against Rs 271.84 crore in
the previous year.

Total income during the year increased to Rs 3821 crore against Rs
2,987 crore, registering a growth of 27.9 per cent.

The bank announced a dividend of 20 per cent for the fiscal year
2007-08.

N.Sukumar
Research Analyst