Bank of Maharashtra's net profit surges to Rs 1,293 cr in Q1 FY 25
Jul 15, 2024
New Delhi [India], July 15 : The net profit of Bank of Maharashtra surged by 46.64 per cent to Rs 1,293 crore during the first quarter of FY 2024-25, the bank informed the exchange in a filing on Monday.
The bank's total business exhibited significant growth, increasing by 13.43 per cent to an impressive Rs 4,76,447 crore. This expansion was largely driven by a 9.43 per cent rise in total deposits, which amounted to Rs 2,67,416 crore, and an 18.99 per cent boost in gross advances, reaching Rs 2,09,031 crore.
A key highlight of the quarter was the substantial improvement in the bank's profitability. The operating profit surged by 23.14 per cent, climbing to Rs 2,294 crore. Additionally, the net interest income (NII) saw a year-on-year increase of 19.63 per cent, amounting to Rs 2,799 crore. This growth in NII highlights the bank's robust performance in its core banking operations.
The bank also demonstrated a healthy asset quality, with the gross Non-Performing Assets (NPA) ratio standing at 1.85 per cent and the net NPA ratio at a low 0.20 per cent. The bank's capital adequacy ratio (CRAR) was reported at a strong 17.04 per cent, indicating its solid financial standing and capability to support future growth initiatives.
The provision coverage ratio of 98.36 per cent reflects the bank's proactive approach towards risk management and maintaining asset quality.
The Retail, Agriculture, and MSME (RAM) business segment of the bank also showed substantial improvement, constituting 61.05 per cent of the gross advances.
Within this segment, retail advances grew by 18.26 per cent year-on-year to Rs 53,161 crore. Meanwhile, MSME advances saw a significant year-on-year increase of 26.15 per cent, reaching Rs 42,561 crore.
The shares of the bank also surged more than 5 per cent to Rs 68.71 as the bank reported strong financial results during the first quarter of the FY 2024-25.
