Bank of Maharashtra's net profit surge over 46% in Q1FY25; stock jumps 7%

Bank of Maharashtra's stock price rallied up to 6.88 per cent at Rs 69.54 per share on the BSE in Monday’s intraday trade. The share price gained after the public sector bank on Monday reported a 46.6 per cent year-on-year rise in profit after tax (PAT) at Rs 1,293 crore in April-June quarter of the financial year of 2024-25 (Q1FY25). The bank had reported a net profit of Rs 882 crore in the same period last year. 

The bank's total business grew by 13.43 per cent Y-o-Y to Rs 4.76 trillion in Q1FY25 from Rs 4.20 trillion in Q1FY24. On the other hand the bank's total deposits were up by 9.43 per cent Y-o-Y to Rs 2.67 trillion compared to Rs 2.44 trillion in the same quarter last year.

For Q1FY25, the bank reported a net interest income (NII) of Rs 2,799 crore, up 20 per cent Y-o-Y from Rs 2,340 crore in the same quarter last year. 

Asset quality remained resilient with Gross Non-Performing Assets (NPAs) slightly decreasing to 1.85 per cent from 1.88 per cent quarter-on-quarter (QoQ). Gross NPAs stood at Rs 3,873 crore compared to Rs 3,833 crore in the previous quarter.

The bank's Net NPAs remained unchanged at a low 0.20 per cent. Net NPAs were reported at Rs 415 crore, consistent with the previous quarter's figure of Rs 409 crore.

Provisions for bad loans were marginally higher during the June quarter at Rs 950 crore compared to Rs 942 crore in the corresponding quarter of the previous year..

The bank has a total market capitalisation of Rs 49,031.43 crore, according to Bombay Stock Exchange (BSE). The company’s shares are trading at a price to earnings multiple of  11.36 with an earning per share of Rs 5.73. 

The shares of the Bank of Maharashtra have zoomed 36.7 per cent in the last six months, while rallying 115.3 per cent in the last one year. 

At 02:22 PM, shares of the bank were trading 6.42 per cent higher at Rs 69.24 per share. In comparison, the BSE Sensex was trading 0.24 per cent higher at 80,712 levels.