Bank of Maharashtra reported a remarkable 44.25% increase in net profit, reaching Rs 1,327 crore for the September quarter of FY25. This figure is significantly higher than the Rs 920 crore recorded during the same period last year. The strong performance highlights the bank’s robust financial health.
In terms of net interest income (NII), the bank saw a growth of 15.4% year-on-year, totaling Rs 2,807 crore, compared to Rs 2,432 crore in the corresponding quarter last year. This growth in NII reflects the bank’s effective interest margin management.
Operating profit for Q2FY25 also increased by 14.66%, reaching Rs 2,202 crore, up from Rs 1,920 crore in Q2FY24. Furthermore, net revenues, which include both net interest income and other income, rose by 16.10% to Rs 3,599 crore from Rs 3,100 crore year-on-year.
The bank improved its asset quality, with Gross Non-Performing Assets (NPAs) declining to 1.84% as of September 30, 2024, from 2.19% a year earlier. Net NPAs fell to 0.20%, remaining steady compared to the previous quarter.
Gross advances surged by 18.78% year-on-year to Rs 217,504 crore, while total deposits increased by 15.46% to Rs 2,76,289 crore. The bank’s CASA deposits also showed strong growth, rising 12.23% to Rs 1,36,174 crore, contributing to a total business growth of 16.90%.
Provisions for the quarter were reported at Rs 822 crore, down from Rs 950 crore in the previous quarter. The bank maintained a high provision coverage ratio of 98.31%. Additionally, return on assets (ROA) improved to 1.74%, and return on equity (ROE) increased to 26.01%. The RAM segment experienced significant growth, particularly in retail and MSME advances.
