Bank of Maharashtra Q2 Results: Net profit jumps 44% YoY to ₹1,327 crore; NII rises by 15.41%

Its operating profit grew by 14.66% YoY to ₹ 2,202 crore.

Further, the bank's net interest income (NII), which is interest earned minus interest expended, increased by 15.41% to ₹2,807 crore while net interest margin (NIM) improved to 3.98%, the bank said in its release on Tuesday. 

The bank further said its total business grew by 16.90% to ₹ 493,793 crore while its total deposits increased by 15.46% to ₹276,289 crore. Gross advances of the Pune-headquartered bank increased by 18.78% to ₹217,504 crore, the press release added. 

Net revenues (net interest income plus other income) for Q2FY24 improved by 16.10% to ₹3,599 crore for Q2FY24 as against ₹3,100 crore for Q2FY23.

Asset quality: (as of September 30, 2024)

Net NPA declined to 0.20% as of September 30 against 0.23% as of September 30, 2023. The same was 0.20% as of June 30, 2024, the bank said. 

Bank of Maharashtra added its provision coverage ratio stood at 98.31% as of September 30, 2024, as against 98.40% as of September 30, 2023. The same was 98.36% as of June 30, 2024.

The bank holds a cumulative COVID-19 provision of ₹1200 crore as of September 30, 2024, it added. 

Further, the lender's return on assets (ROA) improved to 1.74% while its return on equity (ROE) improved to 26.01%. CRAR stood at 17.26%, of which Tier I is 13.13%.

Capital Adequacy Ratio (CAR) is the ratio of a bank's capital to its risk. It is also known as the Capital to Risk (Weighted) Assets Ratio (CRAR).

Shares of the bank after the result announcement were trading 0.24% higher at ₹54.29 apiece on the BSE.