BANKS
Bank of Maharashtra Q3 net up 34% at Rs 1,036 crore
Bank of Maharashtra’s Q3 total business grows 18.89% year-on-year to Rs 4.34 lakh crore; deposits up 17.89% to Rs 2.46 lakh crore.
Bank of Maharashtra’s Q3 total business grows 18.89% year-on-year to Rs 4.34 lakh crore; deposits up 17.89% to Rs 2.46 lakh crore.
State-owned Bank of Maharashtra posted a 34% jump in its net profit to Rs 1,036 crore in the fiscal third quarter ended December compared to Rs 775 crore a year ago.
The Pune-based lender’s total income rose to Rs 5,851 crore during the December quarter against Rs 4,770 crore in the same quarter a year ago.
The bank earned an interest income of Rs 5,171 crore during the quarter, up 25% year-on-year from Rs 4,129 crore in the corresponding quarter of the previous fiscal.
Net profit margin
The net profit margin rose to 17.70% in Q3FY24 from 16.28% a year ago and 16.04% a quarter ago.
NPAs
The lender’s gross non-performing assets (NPAs) fell to 2.04% of the gross loans by the end of December 2023 from 2.94% a year ago and 2.19% a quarter ago.
Net NPAs or bad loans fell to 0.22% in Q3 of FY24 compared to 0.47% in Q3FY24 and 0.23% in Q2FY24.
Provision coverage ratio (PCR) improved to 98.40% from 97.18%.
Total business
Total business grew 18.89% year-on-year to Rs 4.34 lakh crore in the third quarter of FY24.
Deposits stood at Rs 2.46 lakh crore, up 17.89% year-on-year in Q3 of FY24.
On 3 January, Bank of Maharashtra had cut its home loan rate by 15 basis points to 8.35% as part of its new year offer to customers. It also waived processing fees on home loans.
