Bank of Maharashtra Q2 PAT jumps 72% to ₹920 crore

Bank of Maharashtra reported second quarter standalone net profit surged 71.90% to ₹920 crore as compared with ₹535 crore in the year-earlier period.

Net Interest Income (NII) grew 28.88% to ₹2,432 crore from ₹1,887 crore a year earlier. Net revenue (net interest income plus other income) rose 29.73% to ₹3,100 crore from ₹2,389 crore.  The cost to income ratio improved to 38.04% as against 38.82% in the year-earlier period.

During the quarter, the bank’s total business grew by 22.77% to ₹422,420 crore, total deposits increased by 22.18% to ₹239,298 crore year on year (YoY).

Gross advances grew 23.55% to ₹183,122 crore from the year-earlier period. Retail, Agri. & MSME loan business grew by 24.38%, the bank said in a regulatory filing.

Total Basel III Capital adequacy ratio improved to 17.61% with Common Equity Tier 1 (CET1) ratio of 12.28%, the bank said. Gross NPA declined to 2.19% from 3.40% in the year-earlier period, while net NPA declined to 0.23% from 0.68%.

The bank said its provision coverage ratio improved to 98.40% as against 96.06% a year ago. The bank holds cumulative COVID-19 provision of ₹1,200 crore as on September 30, 2023.