Bank of Maharashtra Q2FY23 PAT up 94.97% at Rs514.74cr on sharp fall in loan loss provisioning

19 Oct 2022 , 09:24 AM

Bank of Maharashtra reported 6.89% growth in total sales revenues for the September 2022 quarter on consolidated basis at Rs4,318cr. Sequential revenues were up 14.39%.

While the investment income was static on a yoy basis, the interest income was sharply higher on higher business volumes and improved rate realizations.

The company witnessed yoy growth across retail banking and corporate banking. However, treasury revenues were lower on account of the consistent spike in interest rates.

On the operating profit front, treasury saw a fall in profits while retail banking doubled operating profits and corporate banking saw a sharp turnaround in profits. Annualized ROA stands at 0.92% in Q2FY23.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 94.97% at Rs514.74 crore while the profits were up 18.06% sequentially.

Gross NPAs fell sharply yoy from 5.56% to 3.40% while net NPAs also fell 105 bps to 0.68%. Provisions for doubtful assets were sharply down by 42.3% at Rs531.61 crore, which gave a big boost to profit growth.

Net margins came in at 12.38% for Q2FY23 as compared to 6.79% in the year ago quarter and 12.00% in the sequential June 2022 quarter. Capital adequacy has improved to 16.71%

Financial highlights for Sep-22 compared yoy and sequentially

	Bank of Maharashtra
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 4,317.71	₹ 4,039.56	6.89%	₹ 3,774.66	14.39%
Net Profit (Rs cr)	₹ 534.74	₹ 274.27	94.97%	₹ 452.95	18.06%
Diluted EPS (Rs)	₹ 0.79	₹ 0.41		₹ 0.67
Net Margins	12.38%	6.79%		12.00%