Bank of Maharashtra Q2 results: Profit grows by 71% to Rs 919 cr

the Bank of Maharashtra

The Bank of Maharashtra reported a profit of 71.8 per cent to Rs 919 crore year-on-year (YoY) at the end of the July-September quarter (Q2) for the financial year 2023–24 (FY24), on Monday.

The bank reported a profit of Rs 4,317 crore for the same period the previous year. Additionally, this quarter’s overall revenue increased by 32.8% year over year to Rs 5,735 crore from Rs 4,317 crore.

Profits increased by 4.2% to Rs 882 crore from the March quarter’s previous quarter, and revenue increased by 5.86% to Rs 5,417 crore.

Net Interest Income (NII) increased by 28.9% year over year from Rs. 1,887 crore to Rs. 2,432 crore.

In Q2FY24, gross non-performing assets (NPA) decreased to 2.19 percent. It was 3.40 percent at the same time period the previous year. Compared to Q2FY23, when it was 0.68 percent, Net NPA dropped to 0.23 percent at the conclusion of the most recent quarter. Gross NPA was 2.28 percent and net NPA was 0.24 percent in Q1FY24.

Operating expenses now total Rs 1,179 crore, up 27% from Rs 927 crore during the same time last year. It was a modest increase of 6.67 percent from Rs 1,105 crore quarter over quarter.

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