Bank of Maharashtra Q1 profit surges 46.6%

15 Jul 2024 , 04:11 PM

Bank of Maharashtra reported a notable 46.6% increase in Q1 net profit, reaching ₹1,293.5 Crore, compared to ₹882 Crore in the same period last year, according to an exchange filing on July 15.

The bank’s net interest income (NII) experienced significant growth of 20%, rising to ₹2,799 Crore from ₹2,340 Crore year-on-year (YoY). Asset quality showed slight improvement with gross non-performing assets (NPA) at 1.85%, down from 1.88% quarter-on-quarter (QoQ).

Net NPA remained steady at 0.20% during 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.

On July 15, 2024, at 4:00 PM, shares of Bank of Maharashtra closed at ₹68, reflecting a 5.72% gain from the previous close. Bank of Maharashtra shares has appreciated 115% over the past year and 50% since the beginning of the year.

Bank of Maharashtra is an Indian public sector bank headquartered in Pune, serving 30 million customers with 2,263 branches as of June 2023. It has the largest network of branches among nationalised banks in Maharashtra.

In 2022-23, Bank of Maharashtra emerged as the top performer among public sector lenders in terms of loan and deposit growth percentage. The bank also recorded the highest profitability growth, with a bottom line increasing nearly 126% to ₹2,602 Crore during the year.