Bank of Maharashtra on January 16 reported a 33.61 percent on-year rise in its October-December quarter net profit to Rs 1,036 crore, on the back of rising net interest income and better asset quality.
Operating Profit has shown a growth of 27.32 percent on-year to Rs 2,012 crore for the third quarter of the current financial year as against Rs 1,580 crore in a similar period last year. The same has improved by 4.77 percent on-quarter.
In the reporting quarter, net Interest Income (NII) grew by 24.56 percent on-year to Rs 2,466 crore, as against Rs 1,980 crore in a similar period last year, Bank of Maharashtra said in an exchange filing. The same was up by 1.39 percent on a sequential basis.
Gross non-performing assets (NPA) of the bank declined to 2.04 percent as on December 31, 2023, against 2.94 percent as on December 31, 2022. Net NPA declined to 0.22 percent as on December 31, 2023, as against 0.47 percent as on December 31, 2022.
Provision Coverage ratio of the bank improved to 98.40 percent as on December 31,2023, as against 97.18 percent as on December 31, 2022.
Bank holds cumulative Covid-19 provision as contingency provision of Rs 1,200 crore as on December 31, 2023, release said.
In the reporting quarter, total business of the bank grew by 18.89 percent on-year to Rs 4.34 lakh crore.
Total Deposits rose 17.89 percent on-year in October-December to Rs 2.46 lakh crore. Gross Advances grew by 20.20 percent on-year Rs 1.89 lakh crore. Net Advances grew by 21.01 percent on-year to Rs 1.85 lakh crore.
RAM (Retail, Agri. & MSME) Business grew by 27.25 percent on-year basis. Retail advances grew by 21.91 percent to Rs 49,144 crore on-year basis. MSME advances grew by 29.14 percent on Y-o-Y basis to Rs 39,410 crore.
Total Basel III Capital adequacy ratio stood at 16.85 percent with Common Equity Tier 1 ratio of 11.56 percent.
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