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BANK OF MAHARASTRA FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st Mar 2024

BANK OF MAHARASTRA FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st Mar 2024

by Prashant Kapadia/NHN

RESULTS AT A GLANCE Quarter 31st Mar 2024 vis a vis Quarter 31st Mar 2023

  • Total Business grew by 15.94 % to ₹ 474,411  

  • Total Deposits increased by 15.66 % to ₹ 270,747  

  • Gross Advances increased by 16.30 % to ₹ 203,664  

  • Credit – Deposit (CD) Ratio improved to 22 %.

  • Gross NPA declined to  88 % as on 31.03.2024.

  • Net NPA reduced to 20 % as on 31.03.2024.

  • Provision Coverage Ratio improved to 34 %.

Ø  Operating profit grew by 19.10 % to ₹ 2,210 crore.

  • Net Profit increased by 95 % to ₹  1,218  crore as on 31.03.2024

Ø  Net Interest Income increased by 18.17 % to ₹ 2,584 crore.

  • Net Interest Margin (NIM) improved to 97 % as on 31.03.2024.

  • Cost to Income Ratio stood at 38.72 %.

  • Return on Assets (ROA) improved to 73 %.

  • Return on Equity (ROE) improved to 35 %.

  • CRAR stood at  38 % of which Tier I is 13.72%.

 Profitability (Quarter Ended Mar 31st, 2024)

  • Net Profit increased by 95 % to ₹ 1,218  crore in Q4FY24 on Y-o-Y basis as against ₹ 840 crore for Q4FY23.  The same is increased by 17.59 % on a Q-o-Q sequential basis.

  • Operating Profit has shown a growth of 10 % on Y-o-Y basis to ₹ 2,210  crore for Q4FY24 as against ₹ 1,855 crore for Q4FY23.The same has improved by 9.82 % on a Q-o-Q basis.

  • Net Interest Income (NII) grew by 17 % on Y-o-Y basis to ₹ 2,584 crore in Q4FY24 as against     ₹ 2,187 crore for Q4FY23.  The same is increased by 4.81 % on a Q-o-Q sequential basis.

  • Net Revenues (Net Interest income plus other income) for Q4FY24 improved by 85 % from

₹ 3,009 crore for Q4FY23 to ₹ 3,606 crore for Q4FY24. The same is increased by 14.63 % on a        Q-o-Q sequential basis.

  • Cost to Income Ratio is 72 % for Q4FY24 as against 38.34 % for Q4FY23. The same was        36.04 % for the quarter ended 31.12.2023.

  • Return on Assets (ROA) improved to 73 % for Q4FY24 against 1.32 % for Q4FY23 and 1.55 % for Q3FY24.

  • Return on Equity (ROE) also improved to 35 % for Q4FY24 against 26.32 % for Q4FY23 and 24.51 % for Q3FY24.

Profitability (Year Ended Mar 31st, 2024)

  • Net Profit increased by 84 % to ₹ 4,055 crore   on Y-o-Y basis against ₹ 2,602 crore for the year ended 31.03.2023.

  • Operating Profit has shown a growth of 25 % to ₹ 8,005  crore on Y-o-Y basis against ₹ 6,099 crore for the year ended 31.03.2023.

  • Net Interest Income (NII) grew by 88 % on Y-o-Y basis to ₹ 9,822  crore for the year ended 31.03.2024 as against ₹ 7,741 crore for the year ended 31.03.2023.

  • Fee based income increased by 86 % on Y-o-Y basis to ₹ 1,582 crore for the year ended 31.03.2024.

  • Cost to Income Ratio improved to 55 % for the year ended 31.03.2024 as against 39.14% for the year ended 31.03.2023.

  • Return on Assets (ROA) improved to 50 % for the year ended 31.03.2024 against 1.10 % for the year ended 31.03.2023.

  • Return on Equity (ROE) also improved to 83 % for the year ended 31.03.2024 against 20.38 % for the year ended 31.03.2023.

Assets & Liabilities (As on March 31st, 2024)

  • Total Business grew by 94 % on Y-o-Y basis to ₹ 474,411  crore.

  • Total Deposits increased by 66 % on Y-o-Y basis to ₹ 270,747  crore.

  • Gross Advances grew by 30 % on Y-o-Y basis to ₹ 203,664  crore.

  • Net Advances grew by 95 % on Y-o-Y basis to ₹  200,240  crore.

  • RAM (Retail, Agri. & MSME) Business grew by 21 % on Y-o-Y basis. Retail advances grew by  19.10 % to ₹ 51,727 crore on Y-o-Y basis. MSME advances grew by 26.69 % on Y-o-Y basis to

₹ 42,117 crore.

Capital Adequacy: (As on March 31st, 2024)

  • Total Basel III Capital adequacy ratio improved to 17.38% with Common Equity Tier 1 ratio of 12.50 %.

  • During the year ended on 31st Mar 2024, the Bank has raised the total capital of ₹1774 crore (Equity of ₹ 1000 crore & Tier II Bond of ₹ 774 crore (₹ 515 crore in Sep-23 quarter & ₹259 crore in Dec-23 quarter).

Asset quality: (As on March 31st, 2024)

  • Gross NPA declined to  88 % as on 31.03.2024 against 2.47 % as on 31.03.2023. The same was  2.04 % as on 31.12.2023.

  • Net NPA declined to 20 % as on 31.03.2024 against 0.25 % as on 31.03.2023. The same was  0.22 % as on 31.12.2023.

  • Provision Coverage ratio improved to 34 % as on 31.03.2024 as against 98.28% as on 31.03.2023. The same was 98.40   % as on 31.12.2023.

  • Bank holds cumulative Covid-19 contingency provision of ₹ 1200 crore as on 31st Mar 2024.

Top Line Business

(₹ in crore)

Particulars

As on

Growth (%)

Mar 23

Mar 24

Y-o-Y

Total Business

409,202

474,411

15.94

Deposits

234,083

270,747

15.66

of which CASA

124,961

142,774

14.25

CASA Share (%) to Total Deposit

                53.38

                52.73

Gross Advances

175,120

203,664

16.30

 

Profitability

(₹ in crore)

Particulars

Quarter Ended

Change (%)

Mar 23

Dec 23

Mar 24

Y-o-Y

Q-o-Q

Total Income

5,317

5,851

6,488

22.02

10.88

Total Expenses

3,462

3,839

4,279

23.59

11.44

Operating Profit

1,855

2,012

2,210

19.10

9.82

Provisions & Cont. other than taxes

945

943

942

(0.26)

(0.04)

Profit before tax

911

1,069

1,267

39.18

18.51

Tax Expense

71

34

50

(29.57)

46.42

Net Profit

840

1,036

1,218

44.95

17.59

Balance Sheet

(₹ in crore)

LIABILITIES

As on

Mar 23

Mar 24

Capital

6,731

7,081

Reserves and Surplus

8,880

12,593

Deposits

234,083

270,747

Borrowings

10,766

7,719

Other Liabilities & Provisions

7,193

8,998

TOTAL

267,651

307,138

ASSETS

Cash and Balances with Reserve Bank of India

18,508

21,161

Balances with Banks and Money at Call & Short Notice

21

9,150

Investments

68,867

68,274

Advances (Net)

171,221

200,240

Fixed Assets

2,157

2,210

Other Assets

6,878

6,103

TOTAL

267,651

307,138

A presentation for investor is being separately placed on the Banks website http://www.bankofmaharashtra.in

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