Earnings Review
Bank of Maharashtra PAT up nearly 36% YoY on rise in income
This story was originally published at 20:02 IST on 15 January 2025
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--Bk of Maharashtra Oct-Dec net profit INR 14.06 bln vs INR 10.36 bln yr ago
--Bk of Maharashtra gross NPA 1.80% on Dec 31 vs 1.84% qtr ago, 2.04% yr ago
--Bk of Maharashtra net NPAs 0.20% on Dec 31 vs 0.20% qtr ago, 0.22% yr ago
--Bk of Maharashtra Oct-Dec total income INR 71.1 bln vs INR 58.5 bln yr ago
--Bank of Maharashtra Apr-Dec PAT INR 40.27 bln vs INR 28.37 bln year ago
--Bk of Maharashtra Oct-Dec NPA provision INR 5.93 bln vs INR 5.81 bln yr ago
--Bank of Maharashtra Basel-III capital adequacy ratio 18.71% as on Dec 31
--Bk of Maharashtra Apr-Dec total income INR 206.90 bln vs INR 170.04 bln
--Bank of Maharashtra provision coverage ratio at 98.28% as on Dec 31
--Bank of Maharashtra: COVID-19 related provision at INR 12 bln as on Dec 31
--Bank of Maharashtra: Reported 172 fraud cases in Apr-Dec
By Siddhi Chauhan
MUMBAI – Bank of Maharashtra's net profit for the quarter ended December rose 35.8% on year to INR 14.06 billion on the back of a rise in the bank's total income. Sequentially, the net profit rose 6.0%.
In the quarter ended December, the bank's total income rose 21.6% on year to INR 71.12 billion, led by a sharp rise in interest earned. The bank's interest earned was INR 63.25 billion during the quarter, as against INR 51.71 billion a year ago. Other income of the bank was INR 7.88 billion, up from INR 6.80 billion a year ago. The other income fell 0.5% sequentially.
The bank's asset quality also improved on a yearly basis. The state-owned bank's gross non-performing asset ratio declined to 1.80% as on Dec. 31 from 2.04% a year ago and 1.84% a quarter ago. The net non-performing asset ratio was at 0.20% as on Dec. 31, slightly down from 0.22% on year and unchanged from a quarter ago.
In the quarter ending December, provisions made by the bank fell by 10.8% on year to INR 8.41 billion. However, on a sequential basis, provisions rose 2.3%. The bank's provision coverage ratio stood at 98.28% as on Dec 31. The provisions on non-performing assets increased by 2.2% on year to 5.93 billion in Oct-Dec.
In the notes to the accounts, the bank said it held INR 12.00 billion of COVID-19 related provisions as contingency as on Dec. 31. Its Basel-III capital adequacy ratio stood at 18.71% at the end of the reporting quarter.
While Bank of Maharashtra's net interest income in Oct-Dec rose 19.4% on-year to INR 29.43 billion, total expenditure, excluding provisions, rose 25.3% to INR 48.09 billion, with employee costs rising 31.4% to INR 8.50 billion.
The bank's net profit in Apr-Dec rose 41.9% to INR 40.27 billion, with net interest income up 18.1% at INR 85.49 billion. The bank said that it had reported 172 fraud cases in the first nine months of the current financial year, of which 110 were digital payments related where it had not suffered any loss. The remaining fraud cases amounting to INR 2.45 billion were fully provided for to the extent of the loss of INR 2.41 billion, the bank said. Shares of Bank of Maharashtra closed 3.3% lower at INR 50.99 on the National Stock Exchange on Tuesday. End
Edited by Saji George Titus
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