Bank of Maharashtra (BoM) has reported significant growth in its financial results for the first quarter ended June 30, 2023, with a 95.19% year-on-year increase in net profit, standing at ₹882 crore compared to ₹452 crore in Q1FY23.

The Q1FY24 results highlight an improved operating profit, which rose to ₹1,863 crore from ₹1,202 crore in Q1FY23.

Net Interest Income (NII) also saw significant growth, increasing by 38.80% year-on-year to ₹2,340 crore in Q1FY24 from ₹1,686 crore in Q1FY23. In addition, fee-based income experienced a 16.63% year-on-year surge, reaching ₹328 crore in Q1FY24.

Non-Interest Income showed significant improvement, amounting to ₹629 crore in Q1FY24 compared to ₹317 crore in Q1FY23. The Cost to Income Ratio showed improvement as well, reaching 37.23% for Q1FY24 from 39.99% for Q1FY23.

Bank of Maharashtra’s profitability metrics improved markedly, with Return on Assets (ROA) increasing to 1.33% for Q1FY24 against 0.81% for Q1FY23, and Return on Equity (ROE) rising to 23.73% for Q1FY24 from 16.75% for Q1FY23.

Furthermore, total business exhibited a 24.84% growth, reaching ₹420,041 crore, with total deposits up by 24.73% to ₹244,365 crore. The bank reported CASA at the level of 50.97% of Total Deposit. Gross advances witnessed a surge of 24.98%, increasing to ₹175,676 crore, with a Credit-Deposit Ratio of 71.89%.

In terms of asset quality, Bank of Maharashtra saw improvements as well. The Gross Non-Performing Assets (NPA) stood at 2.28% as of June 30, 2023, while the Net NPA reduced to 0.24%. The bank’s Provision Coverage Ratio showed substantial progress, standing at 98.37%.

  Bank of Maharashtra, Banking industry news, India, Maharashtra, Pune