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.
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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)
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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.
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Return on Assets (ROA) improved to 73 % for Q4FY24 against 1.32 % for Q4FY23 and 1.55 % for Q3FY24.
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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)
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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.
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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.
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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.
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Fee based income increased by 86 % on Y-o-Y basis to ₹ 1,582 crore for the year ended 31.03.2024.
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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.
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Return on Assets (ROA) improved to 50 % for the year ended 31.03.2024 against 1.10 % for the year ended 31.03.2023.
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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)
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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.
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Net Advances grew by 95 % on Y-o-Y basis to ₹ 200,240 crore.
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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)
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Total Basel III Capital adequacy ratio improved to 17.38% with Common Equity Tier 1 ratio of 12.50 %.
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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)
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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.
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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.
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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.
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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 |