Pune: State-owned lender Bank of Maharashtra (BoM) on Monday, July 15, reported a 46.6% jump in its standalone net profit to Rs 1,293 crore for the June quarter as againstRs883.08 crore in the year-ago period. The bank’s net interest income (NII) also saw a robust growth of 20 percent, reaching Rs 2,799 crore from Rs 2,340 crore year-on-year (YoY). Bank also showed an excellent performance on all the business across categories said Nidhu Saxena MS & CEO.
Seen in the photo from left to right are Asheesh Pandey, Executive Director, Nidhu Saxena, Managing Director & Chief Executive Officer, Rohit Rishi, Executive Director, Bank of Maharashtra
Following the results announcement, shares of Bank of Maharashtra were trading 5.3% higher atRs68.5 on the National Stock Exchange. Year to date, the stock has increased 51.9%, while it has gained 124.3% in the past year.
The bank’s gross non-performing asset (GNPA) declined to 1.85% in Q1 FY25 as against 1.88% in the fourth quarter of the financial year 2023–24, the bank said in a regulatory filing. The net NPA ratio remained unchanged at 0.20% quarter-on-quarter (QoQ).
The Bank of Maharashtra’s fee-based income rose 12.1% YoY to Rs 368 crore for the April-June quarter, while the non-interest income improved 42.1% to Rs 894 crore in Q1 FY25.
The bank’s asset quality showed slight improvement, with gross non-performing assets (NPA) at 1.85 percent, down from 1.88 percent quarter-on-quarter (QoQ).
The bank’s asset quality showed slight improvement, with gross non-performing assets (NPA) at 1.85 percent, down from 1.88 percent quarter-on-quarter (QoQ).
Bank of Maharashtra on July 15 reported a significant increase in its Q1 net profit, which rose by 46.6 percent to Rs 1,293.5 crore, compared to Rs 882 crore in the same period last year, the lender said in an exchange filing.
The bank’s net interest income (NII) also saw a robust growth of 20 percent, reaching Rs 2,799 crore from Rs 2,340 crore year-on-year (YoY).
The bank shares jumped post the announcement, recording a 5.61 percent rise at Rs 68.73 on NSE at 13:55 pm.
The bank’s asset quality showed slight improvement, with gross non-performing assets (NPA) at 1.85 percent, down from 1.88 percent quarter-on-quarter (QoQ).
However, the Net NPA remained unchanged at 0.20 percent during the same period. In absolute terms, gross NPA stood at Rs 3,873 crore compared to Rs 3,833 crore in the previous quarter, while net NPA was Rs 415 crore against Rs 409 crore QoQ.
The bank also achieved many accolades from various platforms for outstanding performance. The bank also paid a dividend amount of Rs 857 crore to the government of India.
