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.