Bank of Maharashtra Q1 Results: Net profit jump 95% YoY

Bank of Maharashtra has reported results for the first quarter ended June 30, 2023 (Q1FY24). On a consolidated basis, the bank has reported a 95.15% rise in its net profit at Rs 882.49 crore for the quarter ended June 30, 2023, as compared to Rs 452.20 crore for the same quarter in the previous year. The total income of the bank increased by 43.53% to Rs 5417.87 crore for Q1FY24 as compared to Rs 3774.66 crore for the corresponding quarter previous year. The gross advances grew by 24.98% on a YoY basis to Rs 1,75,676 crore in Q1FY24 as against Rs 1,40,561 crore in Q1FY23. 

The bank’s Return on Assets (ROA) improved to 1.33% for Q1FY24 against 0.81% for Q1FY23 and Return on Equity (ROE) also improved to 23.73% for Q1FY24 against 16.75% for Q1FY23. While, the bank’s Gross NPA improved to 2.28% in Q1FY24 against 3.74%, in Q1FY23. The same was 2.47% as in Q4FY23. The Net NPA improved to 0.24% as of Q1FY24 against 0.88% as of Q1FY23. The same was 0.25% as of Q4FY23. 

Bank of Maharashtra has the largest network of branches of any other public sector bank in Maharashtra. The services offered by the bank include Personal Banking – under which they offer services & products such as deposits, savings, personal loans, educational loans, RTGS, demat services, credit cards, etc. NRI banking under which they offer products and services to NRI clients such as FCNR accounts, remittance services, etc.   

Today, the stock opened at Rs 31.95, with a high and low of Rs 33.50 and Rs 31.86. The stock closed trading at Rs 33.28, up by 5.165%.        

The stock has a 52-week high of Rs 36.25 and a 52-week low of Rs 16.50. The company has a market capitalisation of Rs 23,566.81 crore.

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