The state-run bank's net profit rose 110.70% to Rs 324.63 crore on 8.70% increase in total income to Rs 3893.23 crore in Q3 December 2021 over Q3 December 2020.
The net profit is up by 23.12% on a Q-o-Q sequential basis. Operating profit grew 28.21% on Y-o-Y basis to Rs 1,162 crore for Q3FY22 as against Rs 907 crore for Q3FY21.Net Interest Income (NII) grew by 16.90% on Y-o-Y basis to Rs 1527 crore in Q3FY22 as against Rs 1,306 crore for Q3FY21. The same is up by 27.32% on a Q-o-Q sequential basis.
The bank's profit before tax (PBT) rose 1.41% to Rs 410.15 crore in Q3 December 2021 over Q3 December 2020.
The bank's provisions and contingencies (excluding tax provisions) rose 49.79% to Rs 752.32 crore in Q3 December 2021 over Q3 December 2020.
The bank's gross non-performing assets (NPAs) stood at Rs 6104.65 crore as on 31 December 2021 as against Rs 6403.17 crore as on 30 September 2021 and Rs 8072.43 crore as on 31 December 2020.
The ratio of gross NPAs to gross advances stood at 4.73% as on 31 December 2021 as against 5.56% as on 30 September 2021 and 7.69% as on 31 December 2020.
The ratio of net NPAs to net advances stood at 1.24% as on 31 December 2021 as against 1.73% as on 30 September 2021 and 2.59% as on 31 December 2020.
Provision Coverage ratio improved to 93.77% as on 31 December 2021 as against 89.55% as on 31 December 2020. The same was 92.38% as on 30 September 2021. The bank holds cumulative Covid-19 provision of Rs 1073 crore as on 31 December 2021.
Net advances grew by 25.18% on Y-o-Y basis to Rs 124,425 crore in Q3FY22. Total deposits rose 15.21% on Y-o-Y basis to Rs 186614 crore in Q3FY22. CASA increased by 24.60% YoY. CASA ratio stood at 55.05% as on 31 December 2021 as against 50.91% as on 31 December 2020.
Total Basel III Capital adequacy ratio improved to 14.85% with Common Equity Tier 1 ratio of 10.61% for Q3FY22. Liquidity Coverage Ratio at 210.01 %, well above the regulatory requirement of 100%.
Bank of Maharashtra is a public sector bank in India. The Government of India held 90.97% stake in the bank as of 31 December 2021.
Shares of Bank of Maharashtra were down 0.70% at Rs 21.35 on the BSE.
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