Bank of Maharashtra spurts as Q2 PAT soars 103% YoY to Rs 535 cr

Bank of Maharashtra gained 4.18% to Rs 18.70 after the state-run bank's net profit surged 102.93% to Rs 535 crore in Q2 FY23 as against Rs 264 crore posted in Q2 FY22.

Total income rose 7% year on year (YoY) to Rs 4,317 crore in Q2 FY23 over Q2 FY22.

The net profit is up by 18.4% and total income increased by 14.39% on a sequential basis. Operating profit grew 4.43% on YoY basis to Rs 1,462 crore for Q2 FY23 as against Rs 1,400 crore for Q2 FY22.

Net Interest Income (NII) grew by 25.84% on YoY basis to Rs 1,887 crore in Q2 FY23 as against Rs 1,500 crore for Q2 FY22. The same is up by 11.94% on a QoQ basis.

The bank's profit before tax (PBT) jumped 90.98% to Rs 883 crore in the quarter ended 30 September 2022 over the corresponding period last year.

The bank's provisions and contingencies (excluding tax provisions) declined 38.22% to Rs 579 crore in Q2 FY23 over Q2 FY22.

The bank's gross non-performing assets (NPAs) stood at Rs 5038.87 crore as on 30 September 2022 as against Rs 5259.62 crore as on 30 June 2022 and Rs 6403.17 crore as on 30 September 2021.

The ratio of gross NPAs to gross advances stood at 3.40% as on 30 September 2022 as against 3.74% as on 30 June 2022 and 5.56% as on 30 September 2021.

The ratio of net NPAs to net advances stood at 0.68% as on 30 September 2022 as against 0.88% as on 30 June 2022 and 1.73% as on 30 September 2021.

Provision coverage ratio improved to 96.06% as on 30 September 2022 as against 92.38% as on 30 September 2021. The same was 95.04 % as on 30 September 2022. The bank holds cumulative Covid-19 provision of Rs 1,200 crore as on 30 September 2022.

Net advances grew by 30.20 % on YoY basis to Rs 144,163 crore in Q2 FY23. Total deposits rose 7.86% YoY to Rs 195,849 crore in Q2 FY23. Gross Advances grew by 28.62% on YoY basis to Rs 148,216 crore in Q2 FY23 as against Rs 115,236 crore in Q2 FY22.

CASA deposits increased 12.58% YoY to Rs 110,205 core. CASA ratio stood at 56.27% as on 30 September 2022 as against 53.91% as on 30 September 2021.

Total Basel III Capital adequacy ratio improved to 16.71% with common equity tier 1 ratio of 12.89% for Q2FY23.

Return on assets (ROA) improved to 0.92% for Q2 FY23 against 0.53% for Q2 FY22 and 0.81% for Q1 FY23. Return on equity (ROE) also improved to 18.32% for Q2 FY23 against 11.45% for Q2 FY22 and 16.75% for Q2 FY23.

Bank of Maharashtra is a public sector bank in India. The Government of India held 90.97% stake in the bank as of 30 September 2022.

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