Bank Of Maharashtra Q3 Results: Profit Rises On Better Loan Growth, Lower Provisions
Bank of Maharashtra's other income rose by 16% on year to Rs 788 crore.
Better loan, higher other income and lower provisions have helped Bank of Maharashtra in reporting a 36% on year rise in net profit for the quarter ended Dec. 31, 2024 at Rs 1,406 crore. Sequentially, the bottomline was Rs 1,326 crore.
The bank's other income rose by 16% on year to Rs 788 crore. Provisions and contingencies fell to Rs 840 crore in October-December, against Rs 943 crore a year ago. This helped the bank's profits. These metrics also aided the bank's NII, which rose 19% on year to Rs 2,943 crore.
Stable asset quality also aided the bank's performance. Gross non-performing assets ratio of the bank was 1.80% at the end of December quarter, against 1.84% a quarter ago and 2.04% a year ago.
Net NPA was flat on quarter at 0.20% and was 0.22% in the same period a year ago.
Gross advances grew 21% on year to Rs 2.28 lakh crore, while total deposits grew 14% on year to Rs 2.79 lakh crore. Loan-to-deposit ratio of the bank rose to 81.95% at the end of December against 78.72% a quarter ago and 76.78% a year ago.
Meanwhile, Current Account Savings Account ratio of the bank was largely stable at 49.28% sequentially, but lower than 50.19% a year ago.
