Bank of Maharashtra (BoM) reported a 47 per cent jump in first quarter net profit at ₹1,293 crore on the back of healthy growth in net interest income and non-interest income and sharp decline in provision for taxes.

The Pune-headquartered public sector bank had reported a net profit of ₹882 crore in the year ago period.

Net interest income (difference between interest earned and interest expended) in the reporting quarter was up about 20 per cent yoy at ₹2,799 crore (₹2,340 crore in the year ago period).

Other income, including fee-based income, treasury income and recovery in written-off accounts, rose 42 per cent yoy to ₹894 crore (₹629 crore).

Provision for Non Performing Assets (NPAs) and Standard/Restructured Assets were up at ₹586 crore (₹539 crore) and ₹344 crore (₹212 crore), respectively. Provision for taxes declined to ₹50 crore (₹205 crore).

Net interest margin (yearly) rose to 3.97 per cent against 3.86 per cent in the year ago period.

GNPAs position improved to 1.85 per cent of gross advances as at June-end 2024 against 1.88 per cent as at March-end 2024. Net NPAs position was unchanged at 0.20 per cent of net advances.

Gross advances increased by 18.99 per cent yoy to ₹2,09,031 crore as at June-end 2024 on the back of 24.70 per cent growth in RAM (retail, agriculture and MSME) advances and 11.01 per cent growth in corporate & other advances.

Total deposits rose by 9.43 per cent yoy to stand at ₹2,67,416 crore as at June-end 2024. Low-cost CASA (current account, savings account) deposits declined to 49.86 per cent of total deposits against 50.97 per cent in the year ago quarter.

Shares of the Bank closed at ₹68.75 per share, up 5.67 per cent over the previous close.

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