BANK OF MAHARASTRA FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st Mar 2024
by Priya Jadhav
RESULTS AT A GLANCE Quarter 31st Mar 2024 vis a vis Quarter 31st Mar 2023
- Total Business grew by 15.94 % to ₹ 474,411
- Total Deposits increased by 15.66 % to ₹ 270,747
- Gross Advances increased by 16.30 % to ₹ 203,664
- Credit – Deposit (CD) Ratio improved to 22 %.
- Gross NPA declined to 88 % as on 31.03.2024.
- Net NPA reduced to 20 % as on 31.03.2024.
- Provision Coverage Ratio improved to 34 %.
- Net Profit increased by 95 % to ₹ 1,218 crore as on 31.03.2024
- Net Interest Margin (NIM) improved to 97 % as on 31.03.2024.
- Cost to Income Ratio stood at 38.72 %.
- Return on Assets (ROA) improved to 73 %.
- Return on Equity (ROE) improved to 35 %.
- CRAR stood at 38 % of which Tier I is 13.72%.
- Net Profit increased by 95 % to ₹ 1,218 crore in Q4FY24 on Y-o-Y basis as against ₹ 840 crore for Q4FY23. The same is increased by 17.59 % on a Q-o-Q sequential basis.
- Operating Profit has shown a growth of 10 % on Y-o-Y basis to ₹ 2,210 crore for Q4FY24 as against ₹ 1,855 crore for Q4FY23.The same has improved by 9.82 % on a Q-o-Q basis.
- Net Interest Income (NII) grew by 17 % on Y-o-Y basis to ₹ 2,584 crore in Q4FY24 as against ₹ 2,187 crore for Q4FY23. The same is increased by 4.81 % on a Q-o-Q sequential basis.
- Net Revenues (Net Interest income plus other income) for Q4FY24 improved by 85 % from
- Cost to Income Ratio is 72 % for Q4FY24 as against 38.34 % for Q4FY23. The same was 36.04 % for the quarter ended 31.12.2023.
- Return on Assets (ROA) improved to 73 % for Q4FY24 against 1.32 % for Q4FY23 and 1.55 % for Q3FY24.
- Return on Equity (ROE) also improved to 35 % for Q4FY24 against 26.32 % for Q4FY23 and 24.51 % for Q3FY24.
- Net Profit increased by 84 % to ₹ 4,055 crore on Y-o-Y basis against ₹ 2,602 crore for the year ended 31.03.2023.
- Operating Profit has shown a growth of 25 % to ₹ 8,005 crore on Y-o-Y basis against ₹ 6,099 crore for the year ended 31.03.2023.
- Net Interest Income (NII) grew by 88 % on Y-o-Y basis to ₹ 9,822 crore for the year ended 31.03.2024 as against ₹ 7,741 crore for the year ended 31.03.2023.
- Fee based income increased by 86 % on Y-o-Y basis to ₹ 1,582 crore for the year ended 31.03.2024.
- Cost to Income Ratio improved to 55 % for the year ended 31.03.2024 as against 39.14% for the year ended 31.03.2023.
- Return on Assets (ROA) improved to 50 % for the year ended 31.03.2024 against 1.10 % for the year ended 31.03.2023.
- Return on Equity (ROE) also improved to 83 % for the year ended 31.03.2024 against 20.38 % for the year ended 31.03.2023.
- Total Business grew by 94 % on Y-o-Y basis to ₹ 474,411 crore.
- Total Deposits increased by 66 % on Y-o-Y basis to ₹ 270,747 crore.
- Gross Advances grew by 30 % on Y-o-Y basis to ₹ 203,664 crore.
- Net Advances grew by 95 % on Y-o-Y basis to ₹ 200,240 crore.
- RAM (Retail, Agri. & MSME) Business grew by 21 % on Y-o-Y basis. Retail advances grew by 19.10 % to ₹ 51,727 crore on Y-o-Y basis. MSME advances grew by 26.69 % on Y-o-Y basis to
- Total Basel III Capital adequacy ratio improved to 17.38% with Common Equity Tier 1 ratio of 12.50 %.
- During the year ended on 31st Mar 2024, the Bank has raised the total capital of ₹1774 crore (Equity of ₹ 1000 crore & Tier II Bond of ₹ 774 crore (₹ 515 crore in Sep-23 quarter & ₹259 crore in Dec-23 quarter).
- Gross NPA declined to 88 % as on 31.03.2024 against 2.47 % as on 31.03.2023. The same was 2.04 % as on 31.12.2023.
- Net NPA declined to 20 % as on 31.03.2024 against 0.25 % as on 31.03.2023. The same was 0.22 % as on 31.12.2023.
- Provision Coverage ratio improved to 34 % as on 31.03.2024 as against 98.28% as on 31.03.2023. The same was 98.40 % as on 31.12.2023.
- Bank holds cumulative Covid-19 contingency provision of ₹ 1200 crore as on 31st Mar 2024.
| Top Line Business | (₹ in crore) | ||
| Particulars | As on | Growth (%) | |
| Mar 23 | Mar 24 | Y-o-Y | |
| Total Business | 409,202 | 474,411 | 15.94 |
| Deposits | 234,083 | 270,747 | 15.66 |
| of which CASA | 124,961 | 142,774 | 14.25 |
| CASA Share (%) to Total Deposit | 53.38 | 52.73 | |
| Gross Advances | 175,120 | 203,664 | 16.30 |
| Profitability | (₹ in crore) | ||||
| Particulars | Quarter Ended | Change (%) | |||
| Mar 23 | Dec 23 | Mar 24 | Y-o-Y | Q-o-Q | |
| Total Income | 5,317 | 5,851 | 6,488 | 22.02 | 10.88 |
| Total Expenses | 3,462 | 3,839 | 4,279 | 23.59 | 11.44 |
| Operating Profit | 1,855 | 2,012 | 2,210 | 19.10 | 9.82 |
| Provisions & Cont. other than taxes | 945 | 943 | 942 | (0.26) | (0.04) |
| Profit before tax | 911 | 1,069 | 1,267 | 39.18 | 18.51 |
| Tax Expense | 71 | 34 | 50 | (29.57) | 46.42 |
| Net Profit | 840 | 1,036 | 1,218 | 44.95 | 17.59 |
| Balance Sheet | (₹ in crore) | |
| LIABILITIES | As on | |
| Mar 23 | Mar 24 | |
| Capital | 6,731 | 7,081 |
| Reserves and Surplus | 8,880 | 12,593 |
| Deposits | 234,083 | 270,747 |
| Borrowings | 10,766 | 7,719 |
| Other Liabilities & Provisions | 7,193 | 8,998 |
| TOTAL | 267,651 | 307,138 |
| ASSETS | ||
| Cash and Balances with Reserve Bank of India | 18,508 | 21,161 |
| Balances with Banks and Money at Call & Short Notice | 21 | 9,150 |
| Investments | 68,867 | 68,274 |
| Advances (Net) | 171,221 | 200,240 |
| Fixed Assets | 2,157 | 2,210 |
| Other Assets | 6,878 | 6,103 |
| TOTAL | 267,651 | 307,138 |
Profitability (Quarter Ended Mar 31st, 2024)
₹ 3,009 crore for Q4FY23 to ₹ 3,606 crore for Q4FY24. The same is increased by 14.63 % on a Q-o-Q sequential basis.
Profitability (Year Ended Mar 31st, 2024)
Assets & Liabilities (As on March 31st, 2024)
₹ 42,117 crore.
Capital Adequacy: (As on March 31st, 2024)
Asset quality: (As on March 31st, 2024)
A presentation for investor is being separately placed on the Banks websitehttp://www.bankofmaharashtra.in
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