Bank of Maharashtra on outperformance reported more than doubling of net profit to ₹840 crore in the fourth quarter on a year-on-year basis.
Net interest income (NII) during the quarter increased by 35.7% to ₹2,187 crore in Q4FY23. Net revenue (net interest income and other income) for Q4FY23 increased by 41% to ₹3,009 crore for Q4FY23.
For the year ended March 31, the bank’s net profit more than doubled to ₹2,602 crore. NII for the year ended 31.03.2023 increased by 28.07% to Rs.7,741 crore for the year ended 31.03.2023 as against Rs.6,044 crore for the year ended 31.03.2022.
The bank said its total business grew by 21.23% on a year-on-year basis to Rs 4,09,202 crore by March 31, 2023. Total Deposits grew by 15.71% YoY to ₹2,34,083 Cr and Gross Advances grew by 29.49% YoY to ₹1,75,120 Cr.
The total Basel III capital adequacy ratio stands at 18.14% with Common Equity Tier 1 ratio of 14.25% as on March 31, 2023. During the year ended March 31, the bank has raised Tier I capital of ₹ 1,590 crore and Tier II capital of ₹ 348 crore.
The bank’s board has recommended a dividend of ₹1.30 per share or 13% of the face value of ₹10, out of net profit for the year ended March 31, 2023.
Gross NPA as on 31st March, 2023 reduced to 2.47% as on 31.03.2023 from 3.94% as on 31.03.2022. The same was 2.94% as on 31.12.2022. Net NPA reduced to 0.25% as on 31.03.2023 as against 0.97% as on 31.03.2022. The same was 0.47% as on 31.12.2022. The bank has a cumulative COVID-19 provision of ₹1,200 crore as on March 31, 2023.