Flash Focus: Fast Facts For Smart Investors
Bank of Maharashtra Ltd., a state-run entity, reported a 47% year-on-year (YoY) rise in net profit, reaching ₹1,293.5 crore in the first quarter of the financial year 2024-25, driven by higher net interest income (NII) supported by robust business growth. In comparison, the net profit stood at ₹882 crore during the same period last year.
NII, which is the difference between interest earned and interest paid, increased by 20% YoY to ₹2,799 crore for the April-June period, up from ₹2,340 crore in the corresponding quarter of the previous year, according to the bank’s exchange filing.
Gross advances for the quarter reached ₹2.09 lakh crore, up from ₹1.75 lakh crore in the same period last year.
Total deposits grew 9.43% YoY to ₹2.67 lakh crore for the June quarter.
The bank’s CASA (Current Account and Savings Account) deposits, which are low-cost for banks, accounted for 49.86% of total deposits during the June quarter.
The credit-deposit ratio rose to 78.17% for the quarter.
Bank of Maharashtra also saw an improvement in asset quality, with gross non-performing assets (NPA) declining to 1.85% at the end of June, compared to 1.88% in the previous quarter.
Net NPA remained steady at 0.20%.
Additionally, the bank’s provision coverage ratio stood at 98.36% by the end of the quarter, marginally down from 98.37% in the same period a year earlier.
Overall, among the PSU Banks, this scrip looks attractive at the CMP.
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