Bank of Maharashtra jumped 5.84% to Rs 33.55 after the state-run lender's standalone net profit zoomed 138.74% to Rs 775.03 crore in Q3 FY23 as against Rs 324.63 crore reported in Q3 FY22.
Total income surged 22.51% to Rs 4,769.78 crore in quarter ended 31 December 2022 from Rs 3,893.23 crore recorded in Q3 FY22.
On a sequential basis, the bank's net profit climbed 44.85% and total income increased by 10.48% in Q3 FY23.
The PSU bank's operating profit has registered a growth of 35.94% on year on year (YoY) basis to Rs 1,580 crore for Q3 FY23 as against Rs 1,162 crore in Q3 FY22. Sequentially, the bank's operating profit rose 8.10% quarter on quarter (QoQ).
Net Interest Income (NII) grew by 29.65% to Rs 1,980 crore in Q3 FY23 as against Rs 1,527 crore posted in Q3 FY22. The same is up by 4.91% on a QoQ.
Net interest margin (NIM) improved to 3.60% as on 31 December 2022.
Net revenues (net interest income plus other income) in Q3 FY23 improved by 22.56 % to Rs 2,620 crore in Q3 FY23 from Rs 2,138 crore posted in Q3 FY22.
The bank's profit before tax soared nearly 206% YoY to Rs 998.39 crore in the quarter ended 31 December 2022. Provisions and contingencies (other than tax) declined 35.58% to Rs 581.90 crore in Q3 FY23 over Q3 FY22.
On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 4,612.12 crore as on 31 December 2022 as against Rs 5,038.87 crore as on 30 September 2022 and Rs 6,104.65 crore as on 31 December 2021.
The ratio of gross NPAs declined to 2.94% as on 31 December 2022 as against 3.40% as on 30 September 2022 and 4.73% as on 31 December 2021.
The ratio of net NPAs reduced to 0.47% as on 31 December 2022 as against 0.68% as on 30 September 2022 and 1.24% as on 31 December 2021.
Provision Coverage ratio improved to 97.18% as on 31 December 2022 as compared to 96.06% as on 30 September 2022 and 93.77% as on 31 December 2021.
The bank holds cumulative Covid-19 provision of Rs 1,200 crore as on 31 December 2022.
Total basel III capital adequacy ratio improved to 17.53% with common equity tier 1 ratio of 13.47% for Q3 FY23.
During the period ended on 31 December 2022, the bank has raised tier I capital of Rs 1,590 crore (out of which Rs 880 crore during the month of December 2022) and tier II capital of Rs 348 crore.
Gross Advances grew by 21.67% on YoY to Rs 156,962 crore in Q3 FY23 as against Rs 129,006 crore in Q3 FY22. Net Advances grew by 23.02% on YoY basis to Rs 153,065 crore in Q3 FY23. Total Deposits up by 11.69% on YoY to Rs 20,8436 crore in Q3 FY23.
During the quarter, CASA deposits rose 6.52% YoY to Rs 1,09,430 crore. CASA ratio declined to 52.50% as on 31 December 2022 as compared to 55.05% as on 31 December 2021.
Return on assets (ROA) increased to 1.30% for Q3 FY23 as against 0.60% for Q3 FY22 and 0.92% in Q2 FY23. Return on equity (ROE) also improved to 24.41% for Q3 FY23 from 13.49% for Q3 FY22 and 18.32% for Q2FY23.
Bank of Maharashtra is a public sector bank in India. The Government of India held 90.97% stake in the bank as of 31 December 2022.
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