Gross NPA declined to 1.88 % as on 31.03.2024; Total Business grew by 15.94 % to Rs 474,411 crore
FinTech BizNews Service
Mumbai, April 26, 2024: Bank of Maharashtra today announced its Q4 and Annual Financial Results for FY 2023-24 in Mumbai. Bank of Maharashtra’s Net Profit increased by 55.84 % to Rs40.55 Bn Y/Y as on 31st Mar 2024.
RESULTS AT A GLANCE:
Quarter 31st Mar 2024 vis a vis Quarter 31st Mar 2023
* Total Business grew by 15.94 % to Rs 474,411 crore.
* Total Deposits increased by 15.66 % to Rs 270,747 crore.
* Gross Advances increased by 16.30 % to Rs 203,664 crore.
* Credit - Deposit (CD) Ratio improved to 75.22 %.
* Gross NPA declined to 1.88 % as on 31.03.2024.
* Net NPA reduced to 0.20 % as on 31.03.2024.
* Provision Coverage Ratio improved to 98.34 %.
* Operating profit grew by 19.10 % to Rs 2,210 crore.
* Net Profit increased by 44.95 % to Rs 1,218 crore as on 31.03.2024
* Net Interest Income increased by 18.17 % to Rs 2,584 crore.
* Net Interest Margin (NIM) improved to 3.97 % as on 31.03.2024.
* Cost to Income Ratio stood at 38.72 %.
* Return on Assets (ROA) improved to 1.73 %.
* Return on Equity (ROE) improved to 28.35 %.
* CRAR stood at 17.38 % of which Tier I is 13.72%.
Profitability (Quarter Ended Mar 31st, 2024)
* Net Profit increased by 44.95 % to Rs 1,218 crore in Q4FY24 on Y-o-Y basis as against Rs 840 crore for Q4FY23. The same is increased by 17.59 % on a Q-o-Q sequential basis.
* Operating Profit has shown a growth of 19.10 % on Y-o-Y basis to Rs 2,210 crore for Q4FY24 as
against Rs 1,855 crore for Q4FY23.The same has improved by 9.82 % on a Q-o-Q basis.
* Net Interest Income (NII) grew by 18.17 % on Y-o-Y basis to Rs 2,584 crore in Q4FY24 as against
Rs 2,187 crore for Q4FY23. The same is increased by 4.81 % on a Q-o-Q sequential basis.
* Net Revenues (Net Interest income plus other income) for Q4FY24 improved by 19.85 % from
Rs 3,009 crore for Q4FY23 to Rs 3,606 crore for Q4FY24. The same is increased by 14.63 % on a
Q-o-Q sequential basis.
* Cost to Income Ratio is 38.72 % for Q4FY24 as against 38.34 % for Q4FY23. The same was
36.04 % for the quarter ended 31.12.2023.
* Return on Assets (ROA) improved to 1.73 % for Q4FY24 against 1.32 % for Q4FY23 and 1.55 %
for Q3FY24.
* Return on Equity (ROE) also improved to 28.35 % for Q4FY24 against 26.32 % for Q4FY23 and
24.51 % for Q3FY24.
Profitability (Year Ended Mar 31st , 2024)
* Net Profit increased by 55.84 % to Rs 4,055 crore on Y-o-Y basis against Rs 2,602 crore for the year
ended 31.03.2023.
* Operating Profit has shown a growth of 31.25 % to Rs 8,005 crore on Y-o-Y basis against Rs 6,099
crore for the year ended 31.03.2023.
* Net Interest Income (NII) grew by 26.88 % on Y-o-Y basis to Rs 9,822 crore for the year ended
31.03.2024 as against Rs 7,741 crore for the year ended 31.03.2023.
* Fee based income increased by 20.86 % on Y-o-Y basis to Rs 1,582 crore for the year ended
31.03.2024.
* Cost to Income Ratio improved to 37.55 % for the year ended 31.03.2024 as against 39.14% for
the year ended 31.03.2023.
* Return on Assets (ROA) improved to 1.50 % for the year ended 31.03.2024 against 1.10 % for the
year ended 31.03.2023.
* Return on Equity (ROE) also improved to 23.83 % for the year ended 31.03.2024 against 20.38 %
for the year ended 31.03.2023.
Assets & Liabilities (As on March 31st , 2024)
* Total Business grew by 15.94 % on Y-o-Y basis to Rs 474,411 crore.
* Total Deposits increased by 15.66 % on Y-o-Y basis to Rs 270,747 crore.
* Gross Advances grew by 16.30 % on Y-o-Y basis to Rs 203,664 crore.
* Net Advances grew by 16.95 % on Y-o-Y basis to Rs 200,240 crore.
* RAM (Retail, Agri. & MSME) Business grew by 24.21 % on Y-o-Y basis. Retail advances grew by
19.10 % to Rs 51,727 crore on Y-o-Y basis. MSME advances grew by 26.69 % on Y-o-Y basis to
Rs 42,117 crore.
Capital Adequacy: (As on March 31 st , 2024)
* Total Basel III Capital adequacy ratio improved to 17.38% with Common Equity Tier 1 ratio of 12.50 %.
* During the year ended on 31 st Mar 2024, the Bank has raised the total capital of Rs1774 crore
(Equity of Rs 1000 crore & Tier II Bond of Rs 774 crore (Rs 515 crore in Sep-23 quarter & Rs259 crore in
Dec-23 quarter).
Asset quality: (As on March 31st , 2024)
* Gross NPA declined to 1.88 % as on 31.03.2024 against 2.47 % as on 31.03.2023. The same was
2.04 % as on 31.12.2023.
* Net NPA declined to 0.20 % as on 31.03.2024 against 0.25 % as on 31.03.2023. The same was
0.22 % as on 31.12.2023.
* Provision Coverage ratio improved to 98.34 % as on 31.03.2024 as against 98.28% as on 31.03.2023. The same was 98.40 % as on 31.12.2023.
* Bank holds cumulative Covid-19 contingency provision of Rs 1200 crore as on 31st Mar 2024.
