Bank of Maharashtra Q2 Results: PAT Increased By 44.25% to Rs 1,327 Cr; NII Up By 15.41% YoY

The financial numbers of Bank of Maharashtra for the quarter and half year that ended on September 30, 2024, have been made public. On a year-on-year basis, net profit rose by 44.25% to Rs 1,327 crore in Q2FY24 from Rs 920 crore in Q2FY23. Operating profit increased from Rs 1,920 crore in Q2FY23 to Rs 2,202 crore in Q2FY24, a YoY increase of 14.66%. In Q2FY24, Net Interest Income (NII) increased by 15.41% year over year to Rs 2,807 crore from Rs 2,432 crore in Q2FY23. In comparison to Rs 3,100 crore in the same quarter last year, net revenues (Net Interest income + other revenue) increased by 16.10% to Rs 3,599 crore in the quarter under review.

In Q2FY24, the bank's cost-to-income ratio was 38.81%, compared to 38.04% in Q2FY23. The same was 37.87% for the quarter ending 30.06.2024. Return on Assets (ROA) rose to 1.74% for Q2FY24 vs 1.37% for Q2FY23 and 1.72% for Q1FY24. Additionally, return on equity (ROE) increased from 23.25% in Q2FY23 to 26.01% in Q2FY24.

On a year-on-year basis, the bank's net profit climbed by Rs 818 crore to Rs 2620 crore in the half-year that ended on September 30, 2024, from Rs 1,802 crore in the half-year that ended on September 30, 2023. On a year-on-year basis, operating profit increased by 18.83% to Rs 4496 crore from Rs 3,784 crore for the half-year that ended on September 30, 2023.

Net Interest Income (NII) increased from Rs 4,772 crore to Rs 5,606 crore for the half-year ending September 30, 2024, a 17.48% year-on-year growth.

Bank of Maharashtra said that its total deposits climbed by 15.46% year over year to Rs 276,289 crore and its overall business broadened by 16.90% year over year to Rs 493,793 crore. On a year-over-year basis, the bank's gross advances increased by 18.78% to Rs 217,504 crore.

According to Bank of Maharashtra, as of September 30, 2024, its gross non-performing assets (NPA) dropped to 1.84% from 2.19% in the same quarter last fiscal. 1.85% was the same as it was on June 30, 2024. As of September 30, 2024, net NPA was 0.20%, down from 0.23% in that same period in 2023. It was flat as of June 30, 2024, at 0.20%. As of September 30, 2024, the provision coverage ratio was 98.31%, down from 98.40% in the same period in 2023. On June 30, 2024, it was 98.36 %.