Bank of Maharashtra Q3 results: Profit jumps 34% to ₹1,036 crore
₹1,036 crore in the third quarter ended December 31, 2023. In the same quarter a year ago, the bank had recorded a net profit of ₹775 crore. In a regulatory filing, Bank of Maharashtra said that its total income rose to ₹5,851 crore during the December quarter against ₹4,770 crore in the same period last fiscal year.
The Pune-based bank earned an interest income of ₹5,171 crore during the third quarter compared to ₹4,129 crore in the same period a year ago. Bank of Maharashtra’s gross non-performing assets (NPAs) fell to 2.04 per cent of the gross loans by the end of December 2023 from 2.94 per cent a year ago. Net NPAs or bad loans came down to 0.22 per cent in Q3 of FY24 as compared to 0.47 per cent at the end of the third quarter of the previous fiscal year.
Its provision coverage ratio improved to 98.40 per cent as on December 31, 2023, as against 97.18 per cent a year ago. Its total business grew by 18.89 per cent year-on-year to ₹4.34 lakh crore in the third quarter of FY24. Total deposits stood at ₹2.46 lakh crore, up 17.89 per cent year-on-year in Q3 of FY24.
On January 3, Bank of Maharashtra had cut its home loan rate by 15 basis points to 8.35 per cent as part of its new year offer to customers. It also waived processing fees on home loans. This dual benefit of reduced interest rates and waiver of processing fees in home loans is a testament to the bank's commitment to offer the best financing solutions to all its valued customers and help them fulfil their needs, Bank of Maharashtra said in a statement.
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