Bank of Maharashtra Q2 Financial Results 2024 Out [PDF]

21 hours ago

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On October 15, Bank of Maharashtra reported a 44.28 percent rise in consolidated net profit, reaching ₹1,327.08 crore in the second quarter of FY25, compared to ₹919.75 crore in the same period last year, according to a stock exchange filing. In the previous quarter, the bank’s net profit stood at ₹1,293.68 crore. The quarterly results are as follows:

Total business grew by 16.90% to ₹493,793 crore.
Total deposits increased by 15.46% to ₹276,289 crore.
Gross advances rose by 18.78% to ₹217,504 crore.
Credit-Deposit (CD) ratio improved to 78.72%.
Gross NPA declined to 1.84% as of 30.09.2024.
Net NPA reduced to 0.20% as of 30.09.2024.
Provision coverage ratio stood at 98.31%.
Net profit increased by 44.25% to ₹1,327 crore.
Operating profit grew by 14.66% to ₹2,202 crore.
Net interest income rose by 15.41% to ₹2,807 crore.
Net interest margin (NIM) improved to 3.98%.
Cost-to-income ratio stood at 38.81%.
Return on assets (ROA) improved to 1.74%.
Return on equity (ROE) improved to 26.01%.
Capital to risk-weighted assets ratio (CRAR) stood at 17.26%, with Tier I at 13.13%.

Profitability (Quarter Ended September 30, 2024):

Net profit increased by 44.25% YoY to ₹1,327 crore in Q2FY24, compared to ₹920 crore in Q2FY23.
Operating profit grew by 14.66% YoY to ₹2,202 crore in Q2FY24, up from ₹1,920 crore in Q2FY23.
Net Interest Income (NII) increased by 15.41% YoY to ₹2,807 crore in Q2FY24, compared to ₹2,432 crore in Q2FY23.
Net revenues (NII + other income) improved by 16.10% YoY to ₹3,599 crore in Q2FY24, up from ₹3,100 crore in Q2FY23.
Cost-to-income ratio stood at 38.81% in Q2FY24, compared to 38.04% in Q2FY23 and 37.87% in Q1FY24.
Return on Assets (ROA) rose to 1.74% in Q2FY24, compared to 1.37% in Q2FY23 and 1.72% in Q1FY24.
Return on Equity (ROE) improved to 26.01% in Q2FY24, up from 23.25% in Q2FY23.

Profitability (Half Year Ended September 30, 2024):

Net profit increased by ₹818 crore YoY to ₹2,620 crore, up from ₹1,802 crore for the half year ended 30.09.2023.
Operating profit grew by 18.83% YoY to ₹4,496 crore, compared to ₹3,784 crore for the same period in 2023.
NII increased by 17.48% YoY to ₹5,606 crore, up from ₹4,772 crore for the half year ended 30.09.2023.
Fee-based income grew by 14.30% YoY to ₹808 crore.
Cost-to-income ratio stood at 38.34% for the half year, compared to 37.65% in the previous year.
ROA improved to 1.73%, up from 1.35% for the half year ended 30.09.2023.
ROE rose to 25.68%, compared to 23.31% in the same period in 2023.

Assets & Liabilities (As of September 30, 2024):

Total business grew by 16.90% YoY to ₹493,793 crore.
Total deposits increased by 15.46% YoY to ₹276,289 crore.
Gross advances rose by 18.78% YoY to ₹217,504 crore.
RAM (Retail, Agri, MSME) business grew by 25.96% YoY.
Retail advances: 22.53% growth.
MSME advances: 33.86% growth.
Agriculture advances: 24.96% growth.

Capital Adequacy (As of September 30, 2024):

Total Basel III capital adequacy ratio improved to 17.26%, with a Common Equity Tier 1 (CET1) ratio of 11.97%.

Asset Quality (As of September 30, 2024):

Gross NPA declined to 1.84%, down from 2.19% as of 30.09.2023, and was 1.85% as of 30.06.2024.
Net NPA decreased to 0.20%, compared to 0.23% as of 30.09.2023, and remained steady at 0.20% as of 30.06.2024.
Provision coverage ratio stood at 98.31% as of 30.09.2024, compared to 98.40% a year ago, and 98.36% as of 30.06.2024.
The bank holds a cumulative Covid-19 provision of ₹1,200 crore as of 30.09.2024.

Quarter 2 FY 2024-25 PDF