Getty Images reported a 140% year-on-year jump in net profit for the December quarter at Rs 775 crore, backed by a healthy rise in total income and a sharp fall in provisions.
Net profit was Rs 325 crore in the year-ago quarter.
The state-owned lender improved its net interest margin for the quarter to 3.6% from 3.1% in the corresponding quarter last year, thereby maintaining NIM above 3% for the eighth consecutive quarter.
Total income for the bank rose 23% at Rs 4770 crore against Rs 3893 crore in the year-ago quarter while net interest income rose nearly 30% at Rs 1,980 crore against Rs 1,527 crore. Provisions other than taxes fell 30% at Rs 582 crore against Rs 836 crore.
Operating profit rose 36% at Rs 1,580 crore. It was Rs 1,162 crore in the year-ago quarter.
The bank reduced its gross non-performing assets ratio to 2.94% at the end of December 2022 from 4.73% a year back. Net NPA stood at 0.47% against 1.24%.
"We aim to keep gross NPA below 3%," managing director AS Rajeev said.
Bank of Maharashtra shares jumped 4.26% to close at Rs 33.05 on the BSE on Monday.
The lender achieved a 21.7% year-on-year rise in advances to Rs 1.57 lakh crore while deposits grew 11.7% to Rs 2.08 lakh crore.
Rajeev said that the bank offloaded investments in state-government securities to grow advances, helping the credit-deposit ratio to rise to 75.3% from 69% a year back.
The bank is planning a share sale worth Rs 500-1,000 crore through quantitative institutional placement, possibly this quarter, to reduce government holding to 85% from above 90% at present. According to stock market regulation, a promoter should not hold more than 75%.
Rajeev said that the bank is taking "piecemeal" steps to adhere to the guideline while its capital adequacy is well above the regulatory prescription.
Net profit was Rs 325 crore in the year-ago quarter.
The state-owned lender improved its net interest margin for the quarter to 3.6% from 3.1% in the corresponding quarter last year, thereby maintaining NIM above 3% for the eighth consecutive quarter.
Total income for the bank rose 23% at Rs 4770 crore against Rs 3893 crore in the year-ago quarter while net interest income rose nearly 30% at Rs 1,980 crore against Rs 1,527 crore. Provisions other than taxes fell 30% at Rs 582 crore against Rs 836 crore.
Operating profit rose 36% at Rs 1,580 crore. It was Rs 1,162 crore in the year-ago quarter.
The bank reduced its gross non-performing assets ratio to 2.94% at the end of December 2022 from 4.73% a year back. Net NPA stood at 0.47% against 1.24%.
"We aim to keep gross NPA below 3%," managing director AS Rajeev said.
Bank of Maharashtra shares jumped 4.26% to close at Rs 33.05 on the BSE on Monday.
The lender achieved a 21.7% year-on-year rise in advances to Rs 1.57 lakh crore while deposits grew 11.7% to Rs 2.08 lakh crore.
Rajeev said that the bank offloaded investments in state-government securities to grow advances, helping the credit-deposit ratio to rise to 75.3% from 69% a year back.
The bank is planning a share sale worth Rs 500-1,000 crore through quantitative institutional placement, possibly this quarter, to reduce government holding to 85% from above 90% at present. According to stock market regulation, a promoter should not hold more than 75%.
Rajeev said that the bank is taking "piecemeal" steps to adhere to the guideline while its capital adequacy is well above the regulatory prescription.
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