Bank of Maharashtra Q4: Profit Soars 45%
Bank of Maharashtra’s total revenue for the quarter jumped to Rs 6,488 crore, compared to Rs 5,317 crore in the same period last year.
In a positive turn for investors, Bank of Maharashtra released impressive results for the fourth quarter of fiscal year 2024. The bank’s profitability witnessed a significant leap of 45%, reaching ₹1,218 crore. This substantial improvement comes on the heels of a successful reduction in bad loans and a welcome rise in interest income. For context, the bank’s net profit in the same quarter last year was ₹840 crore.
Bank of Maharashtra reported a surge in its interest and fee revenue for Q4FY24, reaching Rs 6,488 crore. This represents a significant increase from Rs 5,317 crore in the same period last year.
Bank of Maharashtra’s Q4 results:
- Interest income grew: The bank’s core business of lending saw a boost, with interest income rising to Rs 5,467 crore in Q4FY24, compared to Rs 4,495 crore last year.
- Improved loan quality: There’s positive news on loan defaults. The bank’s gross non-performing assets (NPAs) – loans unlikely to be repaid – decreased to 1.88% of total loans as of March 2024, down from 2.47% a year earlier. This indicates a healthier loan portfolio.
- Further reduction in bad loans: The scenario for bad debts continues to improve. Net NPAs, which are even less likely to be recovered, also went down from 0.25% to 0.20% of total advances by the end of 2024.
In good news for shareholders, the bank’s directors proposed a dividend of Rs 1.40 per share, representing 14% of the face value, for the financial year 2024. This payout is subject to approval at the bank’s annual general meeting.
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