Bank of Maharashtra (BoM) announced a 72% growth in net profits during the third quarter, which ended on December 2010.

The other highlights of the bank's recital comprise an increase of 42% in operating profits computed on a year-on-year basis and a surge in net interest income by 55%.

While declaring the outcomes, Mr. AS Bhattacharya, chairman and managing director of Bank of Maharashtra stated that the banking institution is ascertained to attain a biz worth Rs 1.20 lakh crore during the subsisting year
(2011).

But, BoM registered a decline of 13% in net profits computed on a year-on-year basis.

Net profits of Pune-based bank declined to Rs 260.98 crore during the third quarter as against Rs 300.51 crore during the same period of 2009.

Explaining the fall, Mr. Bhattacharya said, "The dip is a result of provisions made by us to the tune of Rs125 crore in the last one year."

Mr. Bhattacharya added that BoM had gathered around Rs 10 crore of non-performing assets (bad loans) in a period of one week via special micro asset recovery cells in Aurangabad, Latur, Nashik, Satara and Solapur regional offices.

With an aim to boost lending, Mr. Bhattacharya said that quick processing of retail loan applications had been made operational in all 32 bank's regional offices.

"We have set up systems to process loans in seven days," he said.