BAJAJ BROKING
Bank of Maharashtra (BoM), a leading public sector bank in India, has announced its financial results for the third quarter of the fiscal year 2024-25, showcasing significant growth in profitability and stable asset quality.
During Q3 FY24-25, BoM reported a net profit of ₹1,406 crore, marking a 36% increase compared to the same period last year. This growth is attributed to a 19% rise in Net Interest Income, which reached ₹2,944 crore. The bank's focus on maintaining asset quality is evident, with Gross NPA improving to 1.8% and Net NPA remaining stable at 0.2%.
Deposits: The bank's deposits grew by 13.5% year-on-year to ₹2.79 lakh crore, with a sequential growth of 1%. CASA deposits increased by 11.5% year-on-year to ₹1.37 lakh crore, resulting in a CASA ratio of 49.28%.
Advances: Advances for the quarter rose by 21.2% from the previous year to ₹2.28 lakh crore, also reflecting a 5.1% increase over the September quarter.
BoM's performance aligns with the positive trends observed in the Indian banking sector, where public sector banks have been reporting improved profitability and asset quality. The bank's focus on increasing its credit-deposit ratio and maintaining a healthy CASA ratio positions it favorably among its peers.
The bank's leadership attributes the strong quarterly performance to strategic initiatives aimed at business growth and asset quality improvement. The provision coverage ratio stood at 98.28% as of December 31, 2024, indicating a strengthened financial position.
Metric | Q3 FY24-25 | Q3 FY23-24 | % Change (YoY) |
Net Profit (₹ crore) | 1,406 | 1,036 | +36% |
Net Interest Income (₹ crore) | 2,944 | 2,466 | +19% |
Gross NPA (%) | 1.8 | 2.04 | -0.24 bps |
Net NPA (%) | 0.2 | 0.22 | -0.02 bps |
Deposits (₹ crore) | 2,79,000 | 2,45,734 | +13.5% |
Advances (₹ crore) | 2,28,000 | 1,88,670 | +21.2% |
CASA Ratio (%) | 49.28 | 50.19 | -0.91 bps |
Credit-Deposit Ratio (%) | 81.95 | 76.78 | +5.17 bps |
These results reflect Bank of Maharashtra's commitment to enhancing its financial performance and delivering value to its stakeholders.
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