 "Bank of Maharashtra")
Bank of Maharashtra has reported profit after tax of more than Rs 882 crore in the first quarter of financial year 2024 (Q1FY24). This is a 95 per cent jump on its year-on-year (YoY) earning compared to the Rs 452 crore it had reported for the same period last year.
Net Interest Income (NII) grew by 38.80 per cent YoY to Rs 2,340 crore in Q1FY24 as against rs 1,686 crore for Q1FY23.
Non-interest income improved to Rs 629 crore in Q1FY24 as against Rs 317 crore for Q1FY23.
Total deposits were up by 24.73 per cent to Rs 2,44,365 crore while total business grew by 24.84 per cent to Rs 4,20,041 crore.
Gross non-performing assets (NPA) improved to 2.28 per cent and net NPA improved to 0.24 per cent in Q1FY24.
Bank of Maharashtra also reported an increase in YoY income by nearly 44 per cent, from Rs 3774 crore (Q1FY23) to Rs 5417 (Q1FY24). Quarter on quarter, the increase is less than two per cent, from Rs 5317 at the end of March 2023.
Net non performing assets held by the bank have reduced by nearly 66 per cent since the same period last year, reducing from Rs 1206 crore in Q1FY23 to Rs 414 in Q1FY24.
