Bank of Maharashtra (BoM) delivered a strong financial performance for the quarter ended September 30, 2024 (Q2 FY24), reporting a notable 44% increase in net profit to ₹1,326.17 crore from ₹919.78 crore in the corresponding quarter last year. This growth highlights the bank’s solid operational strength and an increase in interest earnings.
Key Financial Metrics
| Metric | Q2 FY24 | Q2 FY23 |
|---|---|---|
| Net Profit (₹ crore) | 1,326.17 | 919.78 |
| Interest Earned (₹ crore) | 6,017.38 | 5,067.93 |
| Other Income (₹ crore) | 791.80 | 667.59 |
| Operating Profit (₹ crore) | 2,201.97 | 1,920.42 |
| Gross NPAs (₹ crore) | 4,009.84 | – |
| Gross NPA Ratio (%) | 1.84 | – |
| Capital Adequacy Ratio (Basel III) (%) | 17.26 | 17.61 |
| Return on Assets (RoA) (%) | 1.74 | 1.37 |
The table shows a comparison of the bank’s financial performance across Q2 FY24 and Q2 FY23.
Performance Highlights:
- Net Profit: A 44% increase in net profit, reaching ₹1,326.17 crore, up from ₹919.78 crore in Q2 FY23.
- Interest Earned: Interest earned surged to ₹6,017.38 crore, reflecting strong growth from ₹5,067.93 crore last year.
- Other Income: The bank’s other income increased to ₹791.80 crore, contributing to its total revenue growth.
- Operating Profit: The operating profit stood at ₹2,201.97 crore for Q2 FY24, up from ₹1,920.42 crore in the previous fiscal year.
- Gross NPAs: Gross non-performing assets were reported at ₹4,009.84 crore, with a gross NPA ratio of 1.84%.
- Capital Adequacy: The capital adequacy ratio (Basel III) remained robust at 17.26%, compared to 17.61% in the previous year.
- Return on Assets: The bank’s RoA improved to 1.74%, up from 1.37% in Q2 FY23, indicating efficient asset utilization.
This robust performance highlights the bank’s focus on operational efficiency, improved asset quality, and expansion of its revenue streams. Bank of Maharashtra remains well-positioned for continued growth.
