Bank of Maharashtra Reports Strong Q1 Results with 46.6% Increase in Net Profit [Download Balance Sheet]
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In a recent announcement, Bank of Maharashtra has revealed impressive financial results for the first quarter of the fiscal year, marking a significant growth trajectory amidst challenging economic conditions. According to the exchange filing, the bank’s net profit surged by 46.6% to reach Rs 1,293.5 crore, up from Rs 882 crore reported during the same period last year.
Key Financial Highlights:
1. Net Interest Income (NII):
The bank’s net interest income experienced robust growth, increasing by 20% year-on-year to Rs 2,799 crore compared to Rs 2,340 crore in the corresponding period.
2. Market Response:
Following the announcement, Bank of Maharashtra’s shares witnessed a notable uptick, soaring by 5.61% to Rs 68.73 on the NSE at 13:55 pm, reflecting investor confidence in the bank’s performance and outlook.
3. Asset Quality:
The bank’s asset quality demonstrated improvement, with gross non-performing assets (NPA) marginally declining to 1.85% from 1.88% quarter-on-quarter. Meanwhile, the net NPA remained stable at 0.20% during the same period. In absolute terms, gross NPAs stood at Rs 3,873 crore compared to Rs 3,833 crore in the previous quarter, while net NPAs were reported at Rs 415 crore, up from Rs 409 crore sequentially.
4. Provisions:
Provisions for the quarter totaled Rs 950 crore, showing a slight increase from Rs 942 crore in the preceding quarter, aimed at maintaining robust asset quality and adequate coverage for potential risks.
BOM Quarter 1 FY 2024-25 Financial Results PDF
- Presentation of Financial Results for the Quarter ended 30th June 2024
- Press Release for the Quarter Ended 30th June 2024
- Standalone Unaudited (reviewed) Financial Results of Bank for First Quarter ended 30.06.2024
- Earnings Conference Call for Q1FY24-25 held on 15th July 2024.