5 March 2024

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Bank of Maharashtra

Bank of Maharashtra Q1 Results: Net profit rises by 95% YoY to Rs.882 crore. Check Out:

Bank of Maharashtra, the state-run institution, posted a standalone net profit of 882.08 crore in the first quarter of FY24, up 95.2% from 451.90 crore in the same quarter the previous year. 

Net Interest Income (NII), which is the difference between interest generated and interest expended, increased 38.8% year on year to 2,339.7 crores from 1,685.7 crores in Q1FY24.

Pre-provision operating profit (PPOP) increased 55% year on year to 1,863.22 crore from 1,201.76 crore.

Other income increased by 98.5% year on year to 628.84 crore from 316.85 crore.

Bank of Maharashtra

Bank of Maharashtra’s provisions and contingencies were 776.11 crore in Q1FY24, compared to 548.41 crore YoY and 944.75 crore QoQ.

The bank’s asset quality improved sequentially. Gross non-performing assets (NPA) fell 19 basis points (bps) to 2.28% at the end of the June 2023 quarter, from 2.47%, while Net NPA fell to 0.24% from 0.25%, QoQ.

Gross NPA dropped 7.55% year on year to 4,006.73 crore from 4,334 crore. Net NPA fell 4.89% to 413.87 crore from 435.18 crore the previous year.

In Q1FY24, the public sector lender’s Capital Adequacy Ratio was 18.07%, compared to 16.15% year on year and 18.14% quarter on quarter.

On June 30, 2023, the Provision Coverage Ratio was 98.37%.

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Share Price of Bank of Maharashtra Today

The share price of Bank of Maharashtra has increased by 9% this year, and the stock has increased by 97% in the last year. 

Bank of Maharashtra shares were trading 5.30% higher on the BSE at 33.17 per share at 1:00 PM.