Bank of Maharashtra has reported a 37 per cent rise in net profit at Rs 304.55 crore (Rs 3.04 billion) for the fiscal ended March 31, 2004 as against Rs 222.02 crore (Rs 2.22 billion) in the previous year.
The board has also recommended a dividend of 16 per cent for its shareholders, bank chairman and managing director S C Basu told reporters in Pune on Monday.
The total income for the reporting year stood at Rs 2,668.62 crore (Rs 26.69 billion) against Rs 2442.15 crore (Rs 24.42 billion) in 2002-03. The capital adequacy ratio as on March 31, 2004 stood at 11.88 per cent.
The bank is planning to reduce its interest rate by one per cent on family banking cards, he said.
It also plans to open overseas branches in Singapore, Europe and the United States, Basu said.