Bank of Maharashtra reported fourth-quarter net revenue more than doubled to ₹840 crore year-on-year on improved efficiency.
Net Interest Income (NII) through the quarter grew by 35.7 % to ₹2,187 crore in Q4FY23. Net revenues (Net Interest earnings plus different earnings) for Q4FY23 improved by 41 % to ₹3,009 crore for Q4FY23.
For the 12 months ended March 31, the financial institution’s reported net revenue more than doubled to ₹2,602 crore. NII grew by 28.07 % on Y-o-Y foundation to ₹ 7,741 crore for the 12 months ended 31.03.2023 as in opposition to ₹ 6,044 crore for the 12 months ended 31.03.2022.
The financial institution mentioned its whole enterprise as on March 31, 2023 grew by 21.23 % on Y-o-Y foundation to ₹4,09,202 crore. Total deposits elevated by 15.71 % on Y-o-Y foundation to ₹2,34,083 crore and gross advances grew by 29.49 % on Y-o-Y foundation to ₹ 1,75,120 crore.
Total Basel III Capital adequacy ratio as on March 31, 2023 improved to 18.14% with Common Equity Tier 1 ratio of 14.25 %. During the 12 months ended on March 31, the financial institution has raised Tier I Capital of ₹ 1,590 crore and Tier II capital of ₹ 348 crore.
The financial institution’s board has really useful a dividend of ₹1.30 per share or 13% of ₹10 face worth out of the net income for the 12 months ended March 31, 2023.
Gross NPA as on March 31, 2023 declined to 2.47 % as on 31.03.2023 in opposition to 3.94 % as on 31.03.2022. The identical was 2.94 % as on 31.12.2022. Net NPA declined to 0.25 % as on 31.03.2023 in opposition to 0.97% as on 31.03.2022. The identical was 0.47 % as on 31.12.2022. The financial institution holds cumulative Covid-19 provision of ₹1,200 crore as on 31 March 2023.
