Bank of Maharashtra net profit rises 95% to Rs 882 crore in Q1

Bank of Maharashtra today reported strong numbers in Q1FY24 with a 95% jump in net profit at Rs 882 crore for the April-June FY24 quarter. The net profit stood at Rs 451 crore in the corresponding quarter last year.

The bank's net interest income (NII) came at Rs 2340 crores, compared to Rs 1686 crores last year. 

For the April-June FY24 quarter, the lender's NIM stood at 3.86 percent, compared to 3.28 percent last year.

The bank's gross non-performing asset (NPA) stood at 2.28 percent, down from 3.74 percent recorded in the same quarter last year. For the June quarter, total GNPA stood at Rs 4006 crores compared to Rs 5259 crores a year ago. 

On the other hand, the net NPA of the lender for the quarter stood at 0.24 percent, improving from 0.88 percent on a year-on-year basis. The lender's total NNPA stood at Rs 413 crores, compared to 1206 crores in the corresponding period last year.

On the deposits front, the bank recorded a 25 percent growth taking the total deposits to Rs 2.44 lakh crores from Rs 1.96 lakh crores in the previous year. Current account and savings account (CASA) deposits improved to Rs 1.24 lakh crores from Rs 1.09 lakh crores with the current account deposits recording 30 percent growth and savings account deposits recording 9 percent growth.

Source: Media reports