Bank of Maharashtra Q1 Results: Net profit jumps 95% YoY to ₹882 crore; asset quality improves
₹882.08 crore in the first quarter of FY24, recording a sharp growth of 95.2% from ₹451.90 crore in the corresponding quarter of last fiscal. Net Interest Income (NII), which is the difference between interest earned and interest expended, during Q1FY24 rose 38.8% to ₹2,339.7 crore from ₹1,685.7 crore, YoY. Pre-provision operating profit (PPOP) during the quarter under review jumped 55% to ₹1,863.22 crore from ₹1,201.76, YoY. Other income of the bank rose 98.5% to ₹628.84 crore from ₹316.85 crore, YoY.
Bank of Maharashtra’s provisions and contingencies in Q1FY24 were at ₹776.11 crore as against ₹548.41 crore, YoY, and against ₹944.75 crore, QoQ. Also Read: Infosys Q1 Result Preview: Expect softer revenue, margins; here's what to watch out for Asset quality of the bank improved sequentially. Gross non-performing assets (NPA) at the end of June 2023 quarter declined by 19 bps to 2.28% from 2.47%, while Net NPA eased to 0.24% from 0.25%, QoQ.
On an absolute basis, Gross NPA fell 7.55% to ₹4,006.73 cr from ₹4,334 crore, QoQ. Net NPA decreased 4.89% to ₹413.87 crore from ₹435.18 crore, sequentially. The public sector lender’s Capital Adequacy Ratio in Q1FY24 was at 18.07% versus 16.15%, YoY, and versus 18.14%, QoQ.
The Provision Coverage Ratio as on June 30, 2023, was 98.37%. Bank of Maharashtra share price has gained 9% this year, while the stock has rallied 97% in the last one year period. At 1:00 PM, the shares of Bank of Maharashtra were trading 5.30% higher at ₹33.17 apiece on the BSE. Catch Live Market Updates here
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