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Informist, Tuesday, Oct. 15, 2024

 

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--Bank of Maharashtra Jul-Sept net profit INR 13.27 bln
--Bank of Maharashtra Jul-Sept net profit INR 13.27 bln vs 9.20 bln year ago
--Bank of Maharashtra gross NPA ratio 1.84% as on Sept. 30 vs 1.85% qtr ago
--Bank of Maharashtra Jul-Sept total income INR 68.09 bln vs INR 57.36 bln
--Bank of Maharashtra net NPA ratio 0.20% as on Sept. 30, flat vs qtr ago
--Bank of Maharashtra Basel III capital adequacy ratio 17.26% as on Sept. 30
--Bk of Maharashtra Jul-Sept provisions INR 8.22 bln vs INR 9.85 bln yr ago
--Bank of Maharashtra provision coverage ratio 98.31% as on Sept. 30
--Bk of Maharashtra Jul-Sept NPA provisions INR 5.98 bln vs INR 5.97 bln
--Bank of Maharashtra: Hold contingency provision of INR 12.0 bln Sept. 30
--Bank of Maharashtra Apr-Sept net profit INR 26.20 bln vs INR 18.02 bln
--Bank of Maharashtra Apr-Sept total income INR 135.78 bln vs INR 111.53 bln
--Bk of Maharashtra: Of 152 fraud cases Apr-Sept, 110 were digital frauds
--Bank of Maharashtra: Gross loans INR 2.18 tln as on Sept. 30, up 18.8% YoY
--Bank of Maharashtra: Jul-Sept net interest margin 3.98%
--Bank of Maharashtra: Gross loans INR 2.18 tln as on Sept. 30, up 18.8% YoY
--Bank of Maharashtra: Total deposits INR 2.76 tln Sept. 30, up 15.5% YoY
--Bank of Maharashtra: Current, savings account ratio 49.29% as on Sept. 30
--Bank of Maharashtra: Credit-deposit ratio 78.72% as on Sept. 30
--Bank of Maharashtra: Jul-Sept NIM 3.98% vs 3.97% qtr ago
--Bank of Maharashtra: Jul-Sept cost of deposits 4.66% vs 4.48% qtr ago
--Bank of Maharashtra: Jul-Sept cost of funds 4.20% vs 4.09% qtr ago
--Bank of Maharashtra: Retail advances up at INR 569.14 bln, up 22.5% YoY
--Bk of Maharashtra: Retail loans at INR 569.14 bln Sept 30, up 22.5% YoY
--Bk of Maharashtra: Agri loans at INR 331.87 bln Sept 30, up 33.9% YoY
--Bk of Maharashtra: MSME loans at INR 450.31 bln Sept 30, up 25% YoY
--Bk of Maharashtra: Jul-Sept credit cost 110 bps vs 112 bps qtr ago
--Bank of Maharashtra: Jul-Sept fresh slippages INR 6.06 bln
--Bank of Maharashtra: Jul-Sept recoveries, upgrades INR 2.22 bln

 

By Siddhi Chauhan

 

MUMBAI – Bank of Maharashtra's net profit for the quarter ended September surged 44.2% on year to INR 13.27 billion as asset quality improved, leading to lower provisions. Compared to Apr-Jun, however, the bank's net profit was up less than 3%.

 

The bank told exchanges Tuesday that its gross non-performing asset ratio declined to 1.84% as on Sept. 30, down from 2.19% a year ago and 1.85% as of Jun. 30. Similarly, the net non-performing asset ratio was also down at 0.20% as at the end of the reporting quarter from 0.23% a year ago, but was unchanged from Jun. 30. Consequently, the bank's total provisions for Jul-Sept amounted to INR 8.75 billion, down from INR 10.01 billion in both Apr-Jun and Apr-Sept 2023.

 

While Bank of Maharashtra's provisions fell and asset quality improved, provisions for non-performing assets  actually rose slightly to INR 5.98 billion in the reporting quarter from INR 5.86 billion in Apr-Jun and INR 5.97 billion a year ago. As such, the fall in total provisions was driven by lower provisions for standard and restructured assets, amounting to INR 1.93 billion, almost half the year-ago figure of INR 3.62 billion. As of Sept. 30, the bank's provision coverage ratio stood at 98.31% as against 98.40% a year ago and 98.36% as of Jun. 30.

 

In the reporting quarter, Bank of Maharashtra saw fresh slippages worth INR 6.06 billion, while recoveries and upgrades amounted to INR 2.22 billion.

 

BUSINESS GROWTH

 

On the business front, Bank of Maharashtra's advances were up 18.8% on year at INR 2.18 trillion as of Sept. 30, with loans to the retail and agricultural segment up 22.5% and 25.0%, respectively. Advances to micro, small, and medium enterprises were another key driver of the loan book, registering a growth of 33.9% as at the end of the reporting quarter.

 

Meanwhile, the banks' deposits increased 15.5% to INR 2.76 billion, with the current account, savings account ratio at 49.29% at the end of the quarter, down from 49.86% as of Jun. 30 and 50.71% a year ago. The bank's cost of deposits in Jul-Sept was 4.66%, up from 4.48% in Apr-Jun.

 

As such, net interest income of the bank grew 15.4% to INR 28.07 billion in Jul-Sept, with net interest margin at 3.98%, largely unchanged from 3.97% the previous quarter but up from 3.89% a year ago.

 

On the whole, total income of Bank of Maharashtra rose 19% on year to INR 68.09 billion, while total expenditure rose 21% to INR 46.07 billion.

 

Shares of the bank closed 0.22% higher at INR 54.32 on the National Stock Exchange on Tuesday.  End

 

Edited by Tanima Banerjee

 

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