Bank of Maharashtra Q2 Results: Net profit surges 72% on year to ₹919.8 crore

Bank of Maharashtra, the state-run lender, reported a standalone net profit of ₹919.8 crore in the second quarter of FY24, recording a sharp growth of 72% from ₹535.1 crore in the corresponding quarter of last fiscal.

Net Interest Income (NII), which is the difference between interest earned and interest expended, during Q2FY24 rose 28.9% to ₹2,432 crore from ₹1,887 crore, year-on-year (YoY).

Pre-provision operating profit (PPOP) during the quarter under review jumped 31.4% to ₹1,920.4 crore from ₹1,461.9, YoY.

Bank of Maharashtra's other income rose 33% to ₹667.6 crore from ₹502.3 crore, YoY.

Bank of Maharashtra’s provisions and contingencies for the quarter ended September was at ₹984.79 crore as against 579.27 crore, YoY, and against ₹776.11 crore, QoQ.

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Asset quality of the bank improved sequentially. Gross non-performing assets (NPA) at the end of September 2023 quarter declined by 9 basis points to 2.19% from 2.28%, while Net NPA eased to 0.23% from 0.24%, QoQ.

On an absolute basis, Gross NPA marginally rose 0.3% to ₹4,017 crore from ₹4,006.7 crore, QoQ. Net NPA decreased 0.8% to ₹410.5 crore from ₹414 crore, sequentially.

The public sector lender’s Capital Adequacy Ratio in Q2FY24 was at 17.61% versus 16.71%, YoY, and versus 18.07%, QoQ.

The Provision Coverage Ratio as on September 30, 2023, was 98.40%.

Also Read: Bank of Maharashtra Q1 Results: Net profit jumps 95% YoY to ₹882 crore; asset quality improves

Bank of Maharashtra share price rose over 2% and at 15:02 IST, Bank of Maharashtra shares were trading at ₹47.44 apiece on BSE. 

According to technical analysts, they are seeing volume activity in the counter with its earnings however price-wise we are not seeing any major traction. Overall, trend is positive and can consider buying on dips. 44 is the support whereas 51 is resistance. 

Also Read: HDFC Bank Q2 Results Live Updates: Net profit may rise, margins likely to contract

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