Bank of Maharashtra Q1 profit jumps 47% to 1,293 cr; stock surges 7%

Bank of Maharashtra has announced 46.6% increase in its first-quarter net profit to ₹1,293.5 crore, compared to ₹882 crore in the corresponding period last year, according to a BSE filing. The bank also witnessed a 6.2% increase in net profit to ₹1,218 crore in the March quarter ending 2024.

Amid the development, shares of Bank of Maharashtra surged as much as 7.1% to ₹69.69 apiece on the BSE. The scrip opened marginally higher at ₹65.80 against the previous closing price of ₹65.06 on the BSE. At the current share price, the bank's m-cap stands at ₹48,684.44 crore.

The bank reported a 19.63% growth in net interest income (NII), rising to ₹2,799 crore in Q1 FY25 from ₹2,340 crore year-on-year (YoY) in Q1 FY24. 

The asset quality saw a slight improvement, with gross non-performing assets (NPA) decreasing to 1.85% as of June 30, 2024, from 1.88% as of March 31, 2024. The net NPA remained steady at 0.20% over the same period. In absolute terms, gross NPA stood at ₹3,873 crore compared to ₹3,833 crore in the previous quarter, while net NPA was ₹415 crore against ₹409 crore QoQ. Provisions for the quarter amounted to ₹950 crore, up slightly from ₹942 crore in the preceding quarter.

The public sector bank reported a surge in its gross advances by 18.99% to ₹2,09,031 crore YoY in Q1 FY25, compared to ₹1,75,676 crore on June 30, 2023 (Q1 FY24). Sequentially, gross advances increased by 2.65% in the June quarter, up from ₹2,03,664 crore on March 31, 2024.

The bank also recorded a 9.43% increase in total deposits, reaching ₹2,67,416 crore as of June 30, 2024, up from ₹2,44,365 crore on June 30, 2023, though there was a 1.23% decline from ₹2,70,747 crore on March 31, 2024.

As of June 30, 2024, the bank's total business stood at ₹4,76,447 crore, marking a 13.43% YoY growth and a 0.44% quarter-on-quarter (QoQ) increase. On June 30, 2024, the bank’s CASA deposits were reported at ₹1,33,341 crore, showing a 7.06% YoY rise but a 6.60% QoQ decline.

The Bank of Maharashtra is a public sector bank in India, with the government of India holding an 86.46% stake in the bank as of March 31, 2024.