Home/ Companies / Company Results/  Bank of Maharashtra posted 138% growth in PAT, stock rallies over 4%

The public sector lender Bank of Maharashtra (BoM) has released its Q3FY23 earnings today. The bank's net profit grew by 138.76% YoY to 775 crore in Q3FY23 from 325 crore in Q3FY22. On a Q-o-Q sequential basis, the same is up 44.85%. As compared to Q3FY22, the bank's operating profit increased by 35.94% YoY to 1,580 crore for Q3FY23 from 1,162 crore. On a QoQ basis, the same has improved by 8.10%.

Net Interest Income (NII) increased by 29.65% YoY to 1,980 crore in Q3FY23 from 1,527 crore in Q3FY22. The same is up 4.91% on a QoQ basis, while Net Revenues (Net Interest Income + Other Income) for Q3FY23 climbed by 22.56% from 2,138 crore for Q3FY22 to 2,620 crore for Q3FY23. On a quarterly basis, the same is up 9.67%.

Cost to Income Ratio reached 39.69% for Q3FY23 as against 45.63% for Q3FY22. The same was 38.82% for the quarter ended September 2022. According to the bank, its Return on Assets (ROA) increased to 1.30% for Q3FY23 from 0.60% for Q2FY22 and 0.92% for Q2FY23, while its Return on Equity (ROE) increased to 24.41% for Q3FY23 from 13.49% for Q3FY22 and 18.32% for Q2FY23.

Bank of Maharashtra said that in Q3FY23, its total business grew by 15.77% YoY to 365,398 crore and its total deposits increased by 11.69% to 208436 crore. In comparison to Q3FY22 at 129,006 Cr, gross advances increased 21.67% YoY to 156,962 crore in Q3FY23. In Q3FY23, Net Advances climbed by 23.02% YoY to 153,065 crore, while RAM (Retail, Agri., & MSME) Business increased by 19.18%. On a YoY basis, retail advances increased by 23.12% to 40,312 crore. For Q3FY23, MSME advances increased by 21.62% YoY to 30,517 crore.

According to the Bank of Maharashtra, its overall Basel III capital adequacy ratio accelerated to 17.53% for the third quarter of FY23, with the Common Equity Tier 1 ratio of 13.47%. The bank also reported that it raised 348 crore in Tier II capital and 1,590 crore in Tier I capital during the period that ended on December 31, 2022.

According to the lender, Gross NPA dropped from 4.73% on December 31, 2021, to 2.94% on December 31, 2022 and the same was 3.40% as on September 30, 2022. Net NPA decreased from 1.24% on December 31, 2021, to 0.47% on December 31, 2022 and the same was 0.68% in Q2FY23. The provision coverage ratio increased from 93.77% on December 31, 2021, to 97.18% on December 31, 2022. The percentage remained at 96.06% as of September 30, 2022. As of December 31, 2022, the bank has a cumulative Covid-19 provision of 1,200 crore.

The shares of Bank of Maharashtra closed today on the NSE at 33.20 apiece level, up by 4.73% from the previous close of 31.70. The stock recorded a total volume of 121,992,374 shares compared to the 20-Day average volume of 57,230,612 shares.

Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Updated: 16 Jan 2023, 06:24 PM IST
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