Earnings | Bank of Maharashtra (NSE:MAHABANK): Q3FY23 Results Out; Total Income rise 22% YoY

Bank of Maharashtra (NSE:MAHABANK) is a banking company that offers various banking products and services. These include deposit products such as savings deposits, current deposits, and term deposits, as well as loans for various purposes such as education, consumer goods, vehicles, personal, home, and agriculture. The company also provides non-resident accounts for non-resident Indians. It was established in 1936 and is headquartered in Pune, India.

Bank of Maharashtra reported strong performance in Q3FY23, with total business growing by 15.77% to Rs 3,65,398 crore. The company’s total deposits grew by 11.69% to Rs 2,08,436 crore, while gross advances increased by 21.67% to Rs 1,56,962 crore. The credit-deposit (CD) ratio improved to 75.30%. The bank also reported improvements in asset quality, with gross NPA declining to 2.94% and net NPA reducing to 0.47% as on December 31, 2022. The provision coverage ratio also improved to 97.18%.

The bank’s net profit increased by 138.76% to Rs 775.03 crore as on December 31, 2022, compared to the same period in the previous year. Operating profit grew by 35.94% to Rs 1,580 crore, while net interest income increased by 29.65% to Rs 1,980 crore. The net interest margin (NIM) improved to 3.60%, and the cost-to-income ratio improved to 39.69%. The bank’s return on assets (ROA) and return on equity (ROE) improved to 1.30% and 24.41%, respectively. The capital adequacy ratio (CAR) improved to 17.53%, of which Tier I is 13.47%.

In terms of financial results for Q3FY23, the bank reported a total income of Rs 4,770.11 crores and a net profit of Rs 776.81 crores. The bank’s EPS for the period was Rs. 1.15. Compared to the previous quarter, the bank’s total income and net profit increased, with the EPS also showing an improvement. Additionally, when compared to the same period in the previous year, the bank showed significant improvements in total income, net profit, and EPS.