The PSU bank's operating profit stood at ₹ 2,209.62 crore, registering a growth of 19.10% on YoY basis.
Net interest income (NII) increased 18.17% YoY to ₹ 2,584 crore during the quarter. Net interest margin (NIM) improved to 3.97% as on 31 March 2024 as against 3.78% as of 31 March 2023.
On asset quality front, the bank's gross non-performing assets (NPA) stood at 3,833.05 crore as on 31 March 2024 as against ₹ 4,334 crore as on 31 March 2023.
Gross NPA declined to 1.88% as on 31 March 2024 against 2.47% as on 31 March 2023. Net NPA reduced to 0.20% as on 31 March 2024 as compared to 0.25% as on 31 March 2023.
Provision coverage ratio improved to 98.34% as on 31 March 2024 as against 98.28% as on 31 March 2023.
The bank held cumulative COVID-19 contingency provision amounting to 1,200 crore as on 31 March 2024.
Total Basel III capital adequacy ratio improved to 17.38% with common equity tier 1 ratio of 12.50% for as of 31 March 2024.
Return on assets (ROA) & return on equity (ROE) of the bank for the quarter improved to 1.73% and 28.35% from 1.32% and 26.32%, respectively posted in Q4 FY23.
Gross advances grew by 16.3% YoY to ₹ 2,03,664 crore as on 31 March 2024 as against ₹ 1,75,120 crore as on 31 March 2023. Total deposits stood at ₹ 2,70,747 crore on 31 March 2024, up by 15.66% YoY.
As on 31 March 2024, CASA deposits rose 14.25% YoY to ₹ 1,42,774 crore while CASA ratio declined to 52.73% as on 31 March 2024 from 53.38% as on 31 March 2023.
On a full year basis, the bank?s net profit increased 55.84% to ₹ 4,055.03 on 29.23% rise in total income to ₹ 23,492.56 crore in FY24 over FY23.
Meanwhile, the board recommended a final dividend of ₹ 1.40 per equity share for the financial year ended 31 March 2024, subject to approval of shareholders.
Further, the bank?s board approved funds raising up to ₹ 7,500 crore follow-on public offer (FPO) / rights issue / qualified institutional placement (QIP) issue, preferential issue, ESPS or any other mode through issue of Basel III compliant Tier I and Tier II bonds or such other securities, subject to the necessary approvals.
Bank of Maharashtra is a public sector bank in India. The Government of India held 86.46% stake in the bank as of 31 March 2024.
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