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Bank of Maharashtra PAT rises 44% YoY to Rs 1,326 cr in Q2 FY25

15-Oct-24 15:15 Hrs IST

Total income jumped 18.71% to Rs 6,809.18 crore in second quarter of FY25 as against Rs 5,735.52 crore posted in the corresponding quarter previous year.

The PSU bank's operating profit stood at Rs 2,201.97 crore, registering a growth of 14.66% on YoY basis.

Net interest income (NII) increased 15.41% YoY to Rs 2,807 crore in Q2 FY25 as against Rs 2,432 crore posted in Q2 FY24. Net interest margin (NIM) improved to 3.98% as on 30 September 2024 compared with 3.89% as on 30 September 2023.

The bank reported a 15.46% growth in total deposit to Rs 2,76,289 crore as of 30 September 2024 as against Rs 2,39,298 crore as of 30 September 2023.

The bank's total business as on 30 September 2024 was at Rs 4,93,793 crore, registering a growth of 16.90% year on year (YoY).

On asset quality front, gross NPA declined to 1.84% as on 30 September 2024 against 2.19% as on 30 September 2023. Net NPA reduced to 0.20% as on 30 September 2024 as compared to 0.23% as on 30 September 2024.

Bank's provision coverage stood at 98.31% as on 30 September 2024 as against 98.40% as on 30 September 2023.

CASA deposits stood at Rs 1,36,174 crore as on 30 September 2024, up 12.23% YoY. CASA ratio reduced to 49.29% as of 30 September 2024 from 50.71% as of 30 September 2023.

The bank's gross advances jumped 18.78% to Rs 2,17,504 crore as of 30 September 2024 as against Rs 1,83,122 crore as of 30 September 2023.

RAM (retail, agri. & MSME) business improved to 62.13% of gross advances. Retail advances, MSME advances, Agriculture advances has grown by 22.53%, 33.86%, & 24.96% respectively.

Return on assets (RoA) improved to 1.74% for Q2 FY25 as against 1.37% for Q2 FY24. Return on equity (RoE) improved to 26.01% for Q2 FY25 against 23.25% for Q2 FY24.

Bank's total Basel III capital adequacy ratio improved to 17.26% with common equity tier1 ratio of 11.98% as on 30 September 2024.

On half year basis, the bank's standalone net profit jumped 45.41% to Rs 2,620.26 crore on 17.86% rise in total income to Rs 13,577.75 crore in H1 FY25 over H1 FY24.

Bank of Maharashtra is a public sector bank in India. The Government of India held 79.60% stake in the bank as of 30 September 2024.

Shares of Bank of Maharashtra rose 0.59% to currently trade at Rs 54.48 on the BSE.