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

by Prashant Kapadia/NHN

RESULTS AT A GLANCE Quarter 31^st Mar 2024 vis a vis Quarter 31^st 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 31^st, 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 31^st, 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 31^st, 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 31^st, 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 31^st 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 31^st, 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 31^st 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