Bank of Maharashtra clocks y-o-y growth of 95% in Q1FY24 net profit; stock climbs ~4%

19 Jul 2023 , 01:34 PM

Bank of Maharashtra announced its results for the quarter ended June 2023, and has reported robust performance during the quarter. 

On account of strong Q1FY24 numbers, the bank’s counter surged about 4% in today’s trade.

Bank reported a 95% y-o-y growth in its net profit at Rs 882 crore in Q1FY24, against Rs 451 crore in the previous corresponding quarter. 

Bank said that its Net Interest Income was Rs 2,340 crore in the quarter ending June 2023, compared to Rs 1,686 crore in the same quarter of previous year.

The bank commented that its net interest margin (NIM) has been improving steadily. The lender’s NIM was reported at 3.86% in the April-June FY24 quarter, up from 3.28% the previous year.

The bank’s gross non-performing asset (NPA) ratio was 2.28%, improving against 3.74% in the previous quarter. Total GNPA for the June quarter was Rs 4,006 crore, compared to Rs 5,259 crore a year ago.

On the other hand, the lender’s net NPA for the quarter was 0.24%, down from 0.88% in the previous year. The lender’s total NNPA was Rs 413 crore, down from Rs 1,206 crore in the same time last year.

Deposits increased by 25%, bringing total deposits to Rs 2.44 lakh crores, up from Rs 1.96 lakh crore in the same quarter of previous year.

At around 1.30 PM, Bank of Maharashtra was trading 3.81% higher at Rs 32.70, against the previous close of Rs 31.50 on NSE. The counter touched an intraday high of Rs 33.50.

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