Bank Of Maharashtra Q1 Results: PAT Improved By 46.64% To Rs 1,293 Cr Lead By 19.63% NII Growth

Today, the Bank of Maharashtra released its financial figures for the quarter that ended on June 30, 2024. On a year-on-year basis, the bank's net profit climbed to Rs 1,293 crore in Q1FY25 from Rs 882 crore in Q1FY24, a 46.64% growth. According to the bank, its operating profit grew from Rs 1,863 crore in Q1FY24 to Rs 2,294 crore in Q1FY25. The Bank of Maharashtra reported that its net interest income (NII) increased from Rs 2,340 crore in Q1FY24 to Rs 2,799 crore in Q1FY25, a YoY growth of 19.63%.

According to the bank, its non-interest income increased from Rs 629 crore in Q1FY24 to Rs 894 crore in Q1FY25. During the quarter under review, the bank's net interest income climbed by 19.63% to Rs2,799 crore, while its Net Interest Margin (NIM) rose to 3.97% as of June 30, 2024.

The Bank of Maharashtra's cost-to-income ratio was 37.87%, while its other income grew by 42.16% to Rs~ 894 crore. The bank's Return on Equity (ROE) grew to approximately 27.62% for Q1FY25 compared to 23.73% for Q1FY24, while its Return on Assets (ROA) improved to 1.72% for Q1FY25 from 1.33% for Q1FY24. According to the bank, its Tier I CRAR is 13.40%, while its CRAR improved to 17.04%.

Gross Advances of the bank climbed to Rs 209,031 crore in Q1FY25 from Rs 175,676 crore in Q1FY24, which is a rise of 18.99% on a year-over-year basis. The RAM business (retail, agriculture, and MSME) expanded to 61.05% of gross advances. On an annual basis, retail advances shot up by 18.26% to Rs 53,161 crore.

From 2.28% on June 30, 2023 to 1.85% on June 30, 2024, the bank's gross non-performing asset (NPA) improved. It remained at 1.88% as of March 31, 2024. As of June 30, 2024, net NPA improved to 0.20% from June 30, 2023, when it was 0.24%. It remained at 0.20% as of March 31, 2024. Bank of Maharashtra reported that as of June 30, 2024, its Provision Coverage ratio was 98.36%, compared to 98.37% in the same period in 2023. It remained at 98.34% as of March 31, 2024.

Bank of Maharashtra said that its total deposits increased by 9.43% to Rs 267,416 crore and its total business expanded by 13.43% to Rs 476,447 crore.