Bank of Maharashtra rallies after Q1 PAT climbs 46% YoY to Rs 1,293 cr in FY25

Bank of Maharashtra jumped 6.42% to Rs 69.24 after the bank's standalone net profit jumped 46.64% to Rs 1,293.49 crore on 24.93% increased in total income to Rs 6,768.76 crore in Q1 FY25 over Q1 FY24.

The PSU bank's operating profit stood at Rs 2,294.60 crore, registering a growth of 23.13% on YoY basis.

Net interest income (NII) increased 19.63% YoY to Rs 2,799 crore in Q1 FY25 as against Rs 2,340 crore posted in Q1 FY24. Net interest margin (NIM) improved to 3.97% as on 30 June 2024.

The bank reported a 9.44% growth in total deposit to Rs 2,67,423 crore as of 30 June 2024 as against Rs 2,44,365 crore as of 31 June 2023 and 1.23% fall from Rs 2,70,747 crore as on 31 March 2024.

 

The bank's total business as on 30 June 2024 was at Rs 4,76,447 crore, registering a growth of 13.43% year on year (YoY).

On asset quality front, gross NPA improved to 1.85% as on 30 June 2024 against 2.28% as on 30 June 2023. Net NPA improved to 0.20% as on 30 June 2024 as compared to 0.24% as on 30 June 2024.

Banks provision coverage stood at 98.36% as on 30 June 2024 as against 98.37% as on 30 June 2023.

CASA deposits stood at Rs 1,33,341 crore as on 30 June 2024 (up 7.06% YoY and down 6.60% QoQ). CASA ratio reduced to 49.86% as of 30 June 2024 from 50.97% as of 30 June 2023.

The banks gross advances jumped 18.99% to Rs 2,09,031 crore as of 30 June 2024 as against Rs 1,75,676 crore as of 30 June 2023.

RAM (retail, agri. & MSME) business improved to 61.05% of gross advances. Retail advances grew by 18.26% to Rs 53,161 crore on YoY basis. MSME advances grew by 26.15% on YoY basis to Rs 42,561 crore.

Return on assets (ROA) improved to 1.72% for Q1FY25 as against 1.33% for Q1FY24. Return on equity (ROE) improved to 27.62% for Q1 FY25 against 23.73% for Q1 FY24.

Banks total basel III capital adequacy ratio improved to 17.04% with common equity tier1 ratio of 12.20% for Q1FY24.

Bank of Maharashtra is a public sector bank in India. The Government of India held 86.46% stake in the bank as of 30 June 2024.

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