Bank Of Maharashtra Total Business Grows 24.84% To ₹4,20,041 Cr

Bank of Maharashtra on Wednesday released its quarterly results with its total business growing by 24.84 per cent to Rs 4,20,041, the company announced through an exchange filing.

Profitability:

Net Profit up by 95.19 % to ₹ 882 crore in Q1FY24 on Y-o-Y basis as against ₹452 crore for Q1FY23.

Operating Profit improved to ₹ 1,863 crore for Q1FY24 as against ₹ 1,202 crore for Q1FY23.

Net Interest Income (NII) grew by 38.80 % on Y-o-Y basis to ₹ 2,340 crore in Q1FY24 as against ₹1,686 crore for Q1FY23.

Fee based income increased by 16.63 % on Y-o-Y basis to ₹ 328 crore for Q1FY24.

Non-Interest Income improved to ₹ 629 crore in Q1FY24 as against ₹ 317 crore for Q1FY23.

Cost to Income Ratio improved to 37.23 % for Q1FY24 as against 39.99% for Q1FY23.

Return on Assets (ROA) improved to 1.33 % for Q1FY24 against 0.81 % for Q1FY23.

Return on Equity (ROE) also improved to 23.73 % for Q1FY24 against 16.75 % for Q1FY23.

Advances:

Gross Advances grew by 24.98 % on Y-o-Y basis to ₹ 175,676 crore in Q1FY24 as against ₹ 140,561 crore in Q1FY23.

RAM (Retail, Agri. & MSME) Business stood at 58.25 % of Gross Advances. Retail advances grew by 24.46 % to ₹ 44,952 crore on Y-o-Y basis. MSME advances grew by 29.16% on Y-o-Y basis to ₹ 33,740 crore.

Capital Adequacy:

Total Basel III Capital adequacy ratio improved to 18.07% with Common Equity Tier 1 ratio of 14.36% for Q1FY24.

Asset quality:

Gross NPA improved to 2.28 % as on 30.06.2023 against 3.74 % as on 30.06.2022. The same was 2.47 % as on 31.03.2023.

Net NPA improved to 0.24 % as on 30.06.2023 against 0.88 % as on 30.06.2022. The same was 0.25 % as on 31.03.2023.

Provision Coverage ratio improved to 98.37 % as on 30.06.2023 as against 95.04 % as on 30.06.2022. The same was 98.28 % as on 31.03.2023.

Published on: Wednesday, July 19, 2023, 01:44 PM IST