Bank of Maharashtra Q1 Results Highlights: Net Profit Jumps 47% to ₹1,293.5 cr; MAHABANK Share Price up 6%

Synopsis

Bank of Maharashtra reported a notable increase in its Q1 net profit, which surged by 46.6% to ₹1,293.5 crore. The bank also experienced strong growth in its net interest income (NII), which rose by 20% year-on-year (YoY) to ₹2,799 crore, up from ₹2,340 crore in the same period last year.

Bank of Maharashtra Q1 Results Highlights

On July 15, Bank of Maharashtra reported a significant increase in its Q1 net profit, which rose by 46.6% to ₹1,293.5 crore, up from ₹882 crore in the same period last year, according to an exchange filing.

The bank's net interest income (NII) saw robust growth, increasing by 20% year-on-year (YoY) to ₹2,799 crore, compared to ₹2,340 crore the previous year.

Following the announcement, the Bank of Maharashtra share price reached new heights, recording a 5.61% rise to ₹68.73 on the NSE at 01:55 pm IST.

Bank of Maharashtra's asset quality showed slight improvement, with gross non-performing assets (NPA) reducing to 1.85% from 1.88% quarter-on-quarter (QoQ). However, the net NPA remained unchanged at 0.20% during the same period. In absolute terms, gross NPA stood at ₹3,873 crore, compared to ₹3,833 crore in the previous quarter, while net NPA was ₹415 crore against ₹409 crore QoQ. Provisions for the quarter were reported at ₹950 crore, a slight increase from ₹942 crore in the preceding quarter. 

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About Bank of Maharashtra

Bank of Maharashtra (BoM) provides a range of banking and financial solutions. Its offerings include savings and current accounts, recurring and fixed deposits, and various card services such as credit, debit, and gift cards. The bank provides loans for personal needs, machinery and equipment, housing, vehicles, farming, medium and small-scale enterprises, professionals, and education.

BoM acts as an insurance agent, offering bancassurance coverage for life and non-life risks. It also has various schemes, including the Senior Citizen Saving Scheme, Mahabank Gold Loan Scheme, Suraksha Payroll Scheme, Pradhan Mantri Mudra Yojana, Pradhan Mantri Awas Yojana, and non-resident accounts.

Additionally, BoM provides foreign exchange services, cash management, depository services, remittance services, digital life certificates, doorstep banking, online trading, payment solutions, mobile banking, and ATM services. The bank is headquartered in Pune, Maharashtra, India.