Bank of Maharashtra Q1 results: Net profit rises 95% YoY to ₹882 cr

Bank of Maharashtra

Bank of Maharashtra reported a 95 per cent year-on-year (YoY) increase in standalone net profit for the quarter ended June 30, 2023 (Q1FY24) on Wednesday. In the previous fiscal year, the lender made a profit of Rs 451.9 crore.

The bank’s net interest income (NII) grew 38.7 per cent YoY to Rs 2,339.72 crore, up from Rs 1,685.71 crore the previous year.

Gross non-performing assets (GNPAs), often known as bad loans, fell to Rs 4,006.73 crore in the June quarter, down from Rs 4,334 crore the previous quarter. Net NPA was Rs 413.87 crore, down from Rs 435.18 crore in the previous quarter. In terms of percentage, GNPAs were 2.28 per cent, down from 2.47 per cent in the preceding quarter. Net NPAs were 0.24 per cent, down from 0.25 per cent in the previous quarter.

The lender’s debt-to-equity ratio for the quarter under review was 0.37 percent, down from 0.49 percent the previous quarter. It was 0.27 percent in the previous year.

Total debt to total assets was 2.41 per cent in the March 2023 quarter, compared to 4.02 per cent in the June 2022 quarter and 8.22 percent in the March 2023 quarter.

Also Read | Bank of Maharashtra leads PSU lenders in profit & loan growth in FY23

The operational profit margin remained constant at 34.39 per cent, while the net profit margin improved to 16.28 per cent from 15.80 per cent in the previous quarter and 11.97 per cent in the June 2022 quarter.

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