Bank of Maharashtra (BoM) reported a significant increase in its net profit for the March quarter of the fiscal year 2023-24. The net profit surged by 45% to Rs 1,218 crore, compared to Rs 840 crore in the year-ago period. This increase was attributed to a decline in bad loans and a rise in interest income. The bank’s total income also saw a substantial increase, reaching Rs 6,488 crore compared to Rs 5,317 crore a year ago. Interest income grew to Rs 5,467 crore during the period under review, up from Rs 4,495 crore in the corresponding quarter a year ago.
The bank’s board has recommended a dividend of Rs 1.40 per share, which amounts to 14% of the Rs 10 face value, out of the net profits for the year ended March 31, 2024. Additionally, on the asset quality side, the bank’s Gross Non-Performing Assets (NPAs) were reduced to 1.88% of gross advances as of March 31, 2024, down from 2.47% by the end of March 2023. Net NPAs also decreased to 0.20% of the advances from 0.25% at the end of 2024. The reduction in the bad loans ratio contributed to a decrease in provisions towards NPAs for Q4FY24 to Rs 457 crore, compared with Rs 545 crore a year ago.
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