Bank of Maharashtra Q1 profit rises 23% YoY to Rs 1,593 crore
on Tuesday reported a 23% year-on-year rise in net profit at Rs 1,593 crore for the first quarter of the fiscal, helped by lower provisions and steady business expansion. Its asset quality remained stable.
Its net profit was Rs 1,293 crore in the year ago period.
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The bank's net interest margin (NIM) for the quarter stood at 3.95% as compared with 4.01% in the preceding quarter and 3.97% in the year ago period.
"The NIM contracted due to the reduction in lending rates. We are trying to protect the NIM by managing the liability side of our business," managing director Nidhu Saxena said after announcing the quarterly numbers.
The Pune-headquartered lender's operating profit rose 12% year-on-year at Rs 2,570 crore. Total income in the quarter under review stood at Rs 7,879 crore against Rs 6,769 crore in the year-ago period. Net interest income rose 17.6% at Rs 3,292 crore.
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It has made lower provisions and contingencies at Rs 86742 crore during the quarter as compared with Rs 95047 crore. Provisions to cover bad loans however stood higher at Rs 71903 crore against Rs 58639 crore.
The bank's gross non-performing assets ratio remained steady at 1.74% at the end of June, little changed from three months ago. The ratio however improved from 1.85% a year-ago, despite the bank recording higher slippages of Rs 727 crore against Rs 592 crore over the same period, largely due to stress in agricultural loan.
"Recovery and upgradation helped to reduce the NPA ratio," Saxena said.
BoM's advances grew 15.34% year-on-year to Rs 2.41 lakh crore, even as the banking sector's average credit growth remained in single digit in the first three months of the fiscal. The bank is projecting a 17% expansion in advances for FY26.
The bank is planning to raise Rs 10,000 crore in infrastructure bonds this fiscal. The state-owned lender also has board approval to raise Rs 5000 crore in equity and Rs 2,500 crore in debt.
"We are engaging foreign and local investors. But the capital raising plan has not been firmed up yet," Saxena said.
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