New Delhi: Bank of Maharashtra on Wednesday 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.

Total business of the bank stood at Rs 71,556 crore for year ended March 31, against Rs 57,382 crore, registering an increase of 24.7 per cent.
Source : PTI