Bank of Maharashtra (BoM), one of India’s leading public sector banks, has reported an impressive 36% year-on-year increase in its net profit for the third quarter of FY25. The profit surged to ₹1,406 crore, compared to ₹1,036 crore in the same quarter last year, driven by a robust rise in interest income. This performance highlights the bank’s strong financial foundation and operational efficiency.
The bank’s total income for the quarter under review climbed to ₹7,112 crore, up from ₹5,851 crore in Q3FY24. A significant contributor to this growth was the rise in interest income, which stood at ₹6,325 crore, a notable increase from ₹5,171 crore during the corresponding period in the previous fiscal.
The gross Non-Performing Assets (NPAs) were reduced to 1.80% of gross advances by December 2024, compared to 2.04% a year ago. Similarly, net NPAs came down to 0.2%, a slight improvement from 0.22% in the year-ago period. The Provision Coverage Ratio (PCR) remained robust at 98.28%, demonstrating the bank’s focus on maintaining a healthy asset base.
In October 2024, BoM successfully raised ₹3,500 crore through Qualified Institutional Placements (QIPs). The bank issued over 61 crore equity shares at ₹57.36 per share, resulting in the Government of India’s stake reducing to 79.60% by the end of December 2024. This capital-raising initiative strengthens the bank’s financial position and enhances its capacity for future growth.
For the nine-month period ending December 2024, Bank of Maharashtra reported a net profit of ₹4,027 crore, marking a substantial increase from ₹2,837 crore in the same period last year. Total income during this period rose to ₹7,112 crore, up from ₹5,851 crore in the previous fiscal’s corresponding period.
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The significant rise in net profit, along with improved asset quality and successful capital raising, underscores Bank of Maharashtra’s focus on sustainable growth. The strong financial results position the bank as a key player in India’s public sector banking space, paving the way for further expansion and enhanced shareholder value.
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