Bank of Maharashtra Records 72% Jump In Q2 PAT, NII Surges 28% YoY

In a stock exchange statement today, the public sector lender Bank of Maharashtra (BoM) said that its net profit climbed by 71.90% to Rs 920 crore in Q2FY23 on a year-on-year basis as opposed to Rs 535 crore for Q2FY22. Operating profit for the bank climbed 31.37% YoY to Rs 1,920 crore for Q2FY23 from Rs 1,462 crore for Q2FY22. Its Net Interest Income (NII) went up from Rs. 1,887 crore in Q2FY22 to Rs. 2,432 crore in the quarter that ended on September 30, 2023, a growth of 28.88% YoY. According to BoM, its net revenues climbed from Rs 2,389 crore in Q2FY22 to Rs 3,100 crore in Q2FY23, which is a 29.73% growth on a YoY basis.

According to the bank, its Cost to Income Ratio grew from 38.82% for Q2FY22 to 38.04% for Q2FY23. For the quarter ended on June 30, 2023, the same was 37.23%. According to BoM, its Return on Assets (ROA) improved to 1.37% for the second quarter of FY23 compared to 0.92% for Q2FY22 and 1.33% for Q1FY23 whereas its Return on Equity (ROE) also grew to 23.25% for Q2FY23 against 18.32% for Q2FY22.

While the bank's total deposits jumped by 22.18% on a YoY basis to reach Rs. 239,298 crore, its total business expanded by 22.77% to Rs. 422,420 crore. Its RAM (Retail, Agri. & MSME) Business rose by 24.38% on a Y-o-Y basis, and its Gross Advances jumped by 23.55% on a YoY basis to Rs 183,122 crore. BoM said that its retail advances, MSME advances, and agriculture advances had risen by 20.37%, 25.80%, and 30.39%, respectively, in a stock exchange filing. In the half year that ended on September 30, 2023, the bank raised equity capital through QIP to the tune of Rs 1,000 crore and Tier II capital to the tune of Rs 515 crore, improving its Total Basel III Capital Adequacy Ratio to 17.61% with a Common Equity Tier 1 (CET1) Ratio of 12.28%.

In a stock exchange filing, BoM reported that its Gross NPA decreased to 2.19% as of September 30, 2023, from 3.40% as of September 30, 2022. The bank's Net NPA dropped from 0.68% on September 30, 2022, to 0.23% on September 30, 2023. BoM reported that its Provision Coverage ratio climbed to 98.40% as of September 30, 2023, from 96.06% as of September 30, 2022.