BoM net up 136% to 840cr in Jan-March

Pune: Bank of Maharashtra has announced a 136.5% year-on-year increase in its net profit for the three months ended March 31 to Rs 840 crore despite an increase in its provisions. The bank saw a 159% y-o-y increase in its provisions to Rs 945 crore. At operational level, the lender’s pre-provisioning operating profit increased 57% to Rs 1,855 crore led by higher recoveries in non-interest income. The bank posted 57% increase in non-interest income to Rs 822 crore despite a loss of Rs 68 crore in the treasury operations. Net interest income grew by 36% y-o-y to Rs 2,187 crore on account of higher loan growth while its net interest margin expanded to 3.8% as of March 31 from 3.17% a year ago. The bank’s gross advances grew by almost 30% to Rs 1.8 trillion. The loan book growth was led by retail, agriculture and MSME segments. Housing loans continued to push the growth in the retail segment for the bank.The bank’s MD and CEO A S Rajeev has given a guidance of 20%-24% for the loan growth going ahead. The bank’s total deposit base grew by 15.7% y-o-y to Rs 2.3 trillion in Q4FY23. Of the total deposits, CASA ratio fell to 53.38% as of March 31 from 57.9% a year ago.
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