Bank of Maharashtra's Oct-Dec cost of deposits rises 9 bps QoQ to 4.75%
This story was originally published at 13:38 IST on 16 January 2025
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--Bk of Maharashtra Oct-Dec NIM 3.98%, unchanged from Jul-Sept, 3.95% yr ago
--Bank of Maharashtra CASA ratio at 49.28% as on Dec 31 vs 49.29% qtr ago
--Bank of Maharashtra Oct-Dec cost of deposits 4.75% vs 4.66% in Jul-Sept
--Bk of Maharashtra Oct-Dec fresh slippage INR 6.2 bln vs INR 5.7 bln yr ago
--Bk of Maharashtra Oct-Dec recovery, upgrades INR 2.26 bln vs INR 2.09 bln
MUMBAI – Bank of Maharashtra's cost of deposits in Oct-Dec rose 9 basis points from the previous quarter to 4.75%, the bank said in its investor presentation Thursday. In the third quarter of 2023-24 (Apr-Mar), the lender's cost of deposits was 4.43%. The cost of funds in the reporting quarter was 4.27%, up from 4.20% in Jul-Sept and 4.05% a year ago.
In its quarterly results released Wednesday, the bank posted a net profit of INR 14.06 billion for Oct-Dec, up 35.8% on year, on the back of a 19.4% increase in net interest income to INR 29.43 billion. On Thursday, the bank said its net interest margin for Oct-Dec was 3.98%, unchanged from Jul-Sept but 3 bps higher from a year ago.
Within deposits, the state-owned bank's current account and savings account ratio was largely unchanged at 49.28%, as of Dec. 31. At the end of September, it was 49.29%. The ratio was 50.19% at the end of 2023.
On the advances side, Bank of Maharashtra's retail loans were up 24.5% at the end of December at INR 611.57 billion, while agricultural loans rose 26.9% to INR 337.44 billion. This helped drive gross advances 21.2% higher to INR 2.29 trillion. Corporate loans grew 17.2% to INR 861.36 billion as of Dec. 31.
In terms of asset quality, the bank saw net fresh slippages of INR 6.21 billion, up from INR 6.06 billion in Jul-Sept and INR 5.70 billion last year. Recoveries and upgrades also rose slightly to INR 2.26 billion from INR 2.09 billion a year ago and INR 2.22 billion in Jul-Sept.
The bank is scheduled to hold a conference call with analysts and investors at 1630 IST. At 1255 IST, its shares traded 2.1% higher at INR 51.96 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Siddhi Chauhan
Edited by Tanima Banerjee
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