Bank of Maharashtra records phenomenal growth with Q3FY24 net profit of Rs 1,036cr
Bank of Maharashtra, a renowned Indian banking institution, has announced its financial results for the quarter ended December 31, 2023, showcasing remarkable growth and profitability. The quarter’s most notable achievement is the highest ever net profit of ₹1,036 crores, marking a substantial 33.61% increase year-over-year.
Quarterly Growth Highlights
The bank’s total business surged by 18.89% to ₹434,404 crores, with total deposits climbing by 17.89% to ₹245,734 crores. Gross advances saw a significant rise of 20.2%, reaching ₹188,670 crores. This growth in advances is complemented by an improved Credit-Deposit (CD) Ratio of 76.78%. Additionally, the bank has achieved a notable improvement in asset quality, with Gross Non-Performing Assets (GNPA) declining to 2.04% and Net NPA reducing to 0.22%.
Impressive Financial Milestone Achieved by Bank of Maharashtra with Historic Quarterly Results
Unprecedented Profitability and Efficiency
Bank of Maharashtra’s operating profit showed a healthy increase of 27.32% to ₹2,012 crores. The Net Interest Income (NII) also grew significantly by 24.56% to ₹2,466 crores, contributing to an improved Net Interest Margin (NIM) of 3.95%. These figures reflect the bank’s enhanced efficiency, as evidenced by an improved Cost to Income Ratio of 36.04%.
Robust Performance Over Nine Months
Looking at the nine-month performance ending December 31, 2023, the bank’s net profit rose by a remarkable 61.03% to ₹2,837 crores. The operating profit for this period also saw a substantial increase of 36.57% to ₹5,796 crores. Additionally, the bank’s Net Interest Income over these nine months grew by 30.31% to ₹7,237 crores.
Strengthening Capital Adequacy and Asset Quality
The bank’s Total Basel III Capital adequacy ratio stood impressively at 16.85%, with a Common Equity Tier 1 ratio of 11.56%. The bank’s proactive measures have led to a robust Provision Coverage Ratio of 98.40%. Additionally, the bank has raised significant equity and Tier II capital during this period, further strengthening its financial base.