Bank of Maharashtra announced a notable 33.61 percent year-on-year increase in its net profit for the October-December quarter, reaching Rs 1,036 crore. This robust performance is attributed to the bank’s growing net interest income and enhanced asset quality.
The operating profit for the third quarter of the current financial year exhibited a substantial 27.32 percent YoY growth, reaching Rs 2,012 crore compared to Rs 1,580 crore in the corresponding period last year. The figure also showed a 4.77 percent improvement on a quarterly basis.
During the reported quarter, the net interest income (NII) witnessed a commendable 24.56 percent YoY growth, amounting to Rs 2,466 crore compared to Rs 1,980 crore in the same period last year. On a sequential basis, the NII increased by 1.39 percent.
Bank of Maharashtra reported a decline in gross non-performing assets (NPA) to 2.04 percent as of December 31, 2023, down from 2.94 percent on December 31, 2022. The net NPA also reduced to 0.22 percent from 0.47 percent over the same period.
The provision coverage ratio of the bank improved to 98.40 percent as of December 31, 2023, compared to 97.18 percent on December 31, 2022.
The bank holds a cumulative Covid-19 provision as a contingency provision amounting to Rs 1,200 crore as of December 31, 2023.
In the third quarter, the total business of the bank expanded by 18.89 percent YoY, reaching Rs 4.34 lakh crore. Total deposits grew by 17.89 percent YoY to Rs 2.46 lakh crore, while gross advances increased by 20.20 percent YoY to Rs 1.89 lakh crore. Net advances also showed growth, rising by 21.01 percent YoY to Rs 1.85 lakh crore.
The Retail, Agri, and MSME (RAM) business of the bank experienced a robust 27.25 percent YoY growth. Retail advances increased by 21.91 percent YoY to Rs 49,144 crore, and MSME advances grew by 29.14 percent YoY to Rs 39,410 crore.
The total Basel III capital adequacy ratio stood at 16.85 percent, with a Common Equity Tier 1 ratio of 11.56 percent. The bank’s strong performance indicates its resilience and strategic financial management in a dynamic economic landscape.
Ahmedabad Plane Crash