Bank of Maharashtra reported a growth of

Bank of Maharashtra reported a growth of 16.34 per cent in net profit of Rs 118.43 crore for the quarter ended June 30, 2010.Meanwhile, the total income increased to Rs 1,412.98 crore in the April-June quarter, from Rs 1,282.96 crore in the same period last year.Earlier, Bank of Maharashtra said that Rs 588 crore has been infused by the government in the form of Tier-I capital into the bank.The instrument used is the perpetual non-cumulative preference shares with an annual floating coupon amounting to the repo rate plus a spread of 100 basis points, readjusted each year, the bank said in a statement.This capital infusion by the government will strengthen the capital base- CRAR of the Bank and facilitate for business expansion.Bank of Maharashtra earlier in May this year had said that it has sought capital infusion of Rs 1,800 crore from the government as Tier-I capital under the recapitalisation scheme, in order to boost its capital adequacy ratio as well as to fund its growth needsAccording to Mr. M.G. Sanghvi, Executive Director of bank had said that by the end of this fiscal, the bank is hopeful of receiving about 75 % of the fund.Meanwhile, he also had said that the bank is in advance stages of discussion with the Government for a capital infusion of Rs 1,800 crore and expects to receive at least 75 per cent of the fund by the end of this financial year.In 2010-11, the bank aims to post a growth of 20 per cent in deposits and 25 per cent growth in advances.