Bank of Maharashtra's Q1 operating profit increases 56% yoy to Rs1,110cr, PAT jumps 106% yoy

Cost to Income Ratio improved to 47.05 % for Q1FY22 as against 51.25 % for Q1FY21.

Jul 22, 2021 02:07 IST India Infoline News Service

Bank of Maharashtra has released its financial results for the quarter ended at June 30,2021.

Profitability
  • Net Profit up by 106 % to Rs208cr in Q1FY22 on yoy basis against Rs101cr for Q1FY21. The same is up by 26 % on a qoq sequential basis.
  • Operating Profit has shown a growth of 56% on yoy basis to Rs1110cr for Q1FY22 as against Rs710cr for Q1FY21.
  • Net Interest Income (NII) grew by 29 % on yoy basis to Rs1406cr in Q1FY22 as against Rs1088cr for Q1FY21. The same is up by 2 % on a qoq sequential basis.
  • Net Revenues (Net Interest income plus other income) for Q1FY22 improved by 44 % from Rs1457cr for Q1FY21 to Rs2097cr for Q1FY22. It was Rs2618cr for the quarter ended 31.03.2021.
  • Fee based income increased by 68 % on yoy basis to Rs245cr for Q1FY22.
  • Non-Interest Income up by 87% on yoy basis to Rs691cr in Q1FY22.
  • Cost to Income Ratio improved to 47.05 % for Q1FY22 as against 51.25 % for Q1FY21. The same was 41.20% for the quarter ended 31.03.2021.
  • Return on Assets (ROA) improved to 0.41% for Q1FY22 against 0.22% for Q1FY21 and 0.35% for Q4FY21.
  • Return on Equity (ROE) also improved to 9.91% for Q1FY22 against 5.70% for Q1FY21 and 8.24% for Q4FY21.
Assets & Liabilities
  • Total Business grew by 14% on yoy basis to Rs2,84,970cr in Q1FY22. The same is up by1% on qoq sequential basis.
  • Total Deposits up by 14% on yoy basis to Rs174378cr in Q1FY22.
  • Gross Advances grew by 14 % on yoy basis to Rs1,10,592cr in Q1FY22 against Rs96,621crore. Net Advances grew by 18 % on yoy basis to Rs. 105909cr in Q1FY22.
  • RAM (Retail, Agri & MSME) Business grew by 16% on yoy basis. Retail advances grew by 19% to Rs28871cr on yoy basis. MSME advances grew by 18% on yoy basis to Rs21,707cr for Q1FY22.
Capital Adequacy
  • Total Basel III Capital adequacy ratio at 14.46% with Common Equity Tier 1 ratio of 11.00% for Q1FY22.
  • Liquidity Coverage Ratio at 175 %, well above the regulatory requirement of 100%.
  • Bank has issued equity shares of Rs403.70cr on 17th July 2021 which has not been factored in CRAR as on 30.06.2021
Asset quality:
  • Gross NPA declined to 6.35% as on 30.06.2021 against 10.93 % as on 30.06.2020. The same was 7.23 % as on 31.03.2021.
  • Net NPA reduced to 2.22% as on 30.06.2021 against 4.10% as on 30.06.2020. The same was 2.48 % as on 31.03.2021.
  • Provision Coverage ratio improved to 90.70% as on 30.06.2021 as against 85.62% as on 30.06.2020. The same was 89.86 % as on 31.03.2021.
  • During the quarter Bank made Covid-19 provision of Rs285cr. Bank holds cumulative Covid-19 provision including interest of Rs973cr.
At around 2:55 PM, Bank of Maharashtra was trading at Rs22.90 apiece down by Rs0.75 or 3.17% on Sensex.

Related Story

Open Free Demat Account (Rs699)