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.
