Bank of Maharashtra advanced 3.72% to Rs 67.67 after the bank's standalone net profit jumped 44.95% to Rs 1,217.67 crore on 22.02% increase in total income to Rs 6,488.25 crore in Q4 FY24 over Q4 FY23.
The PSU bank's operating profit stood at Rs 2,209.62 crore, registering a growth of 19.10% on YoY basis.Net interest income (NII) increased 18.17% YoY to Rs 2,584 crore during the quarter. Net interest margin (NIM) improved to 3.97% as on 31 March 2024 as against 3.78% as of 31 March 2023.
On asset quality front, the bank's gross non-performing assets (NPA) stood at 3,833.05 crore as on 31 March 2024 as against Rs 4,334 crore as on 31 March 2023.
Gross NPA declined to 1.88% as on 31 March 2024 against 2.47% as on 31 March 2023. Net NPA reduced to 0.20% as on 31 March 2024 as compared to 0.25% as on 31 March 2023.
Provision coverage ratio improved to 98.34% as on 31 March 2024 as against 98.28% as on 31 March 2023.
The bank held cumulative COVID-19 contingency provision amounting to 1,200 crore as on 31 March 2024.
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Total Basel III capital adequacy ratio improved to 17.38% with common equity tier 1 ratio of 12.50% for as of 31 March 2024.
Return on assets (ROA) & return on equity (ROE) of the bank for the quarter improved to 1.73% and 28.35% from 1.32% and 26.32%, respectively posted in Q4 FY23.
Gross advances grew by 16.3% YoY to Rs 2,03,664 crore as on 31 March 2024 as against Rs 1,75,120 crore as on 31 March 2023. Total deposits stood at Rs 2,70,747 crore on 31 March 2024, up by 15.66% YoY.
As on 31 March 2024, CASA deposits rose 14.25% YoY to Rs 1,42,774 crore while CASA ratio declined to 52.73% as on 31 March 2024 from 53.38% as on 31 March 2023.
On a full year basis, the banks net profit increased 55.84% to Rs 4,055.03 on 29.23% rise in total income to Rs 23,492.56 crore in FY24 over FY23.
Meanwhile, the board recommended a final dividend of Rs 1.40 per equity share for the financial year ended 31 March 2024, subject to approval of shareholders.
Further, the banks board approved funds raising up to Rs 7,500 crore follow-on public offer (FPO) / rights issue / qualified institutional placement (QIP) issue, preferential issue, ESPS or any other mode through issue of Basel III compliant Tier I and Tier II bonds or such other securities, subject to the necessary approvals.
Bank of Maharashtra is a public sector bank in India. The Government of India held 86.46% stake in the bank as of 31 March 2024.
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