Bank of Maharashtra Q4 Results: PAT jumps 45% to ₹1,218 crore; dividend declared

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bank of Maharashtra’s net profit jumped 45% year-on-year (YoY) to ₹1,217.7 crore for the fourth quarter ending March 2024. Net profit was ₹840 crore in the year ago period.

The March quarter net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, improved 18.2% to ₹2,584 crore from ₹2,187 crore in the year ago period.

Its asset quality improved with gross non-performing assets (NPA) falling to ₹3,833.1 crore at the end of the March quarter against ₹3,858 crore in the previous December quarter.

Net NPA stood at ₹409 crore as against ₹405 crore at the end of December 2023 quarter.

The lender recommended a dividend of ₹1.40 per equity share for financial year 2024.

The board will also raise capital of up to ₹7,500 crore through follow-on public offer (FPO), rights issue, qualified institutional placement (QIP) issue, preferential issue, ESPS or any other mode through issue of BASEL III Compliant Tier I and Tier II Bonds, subject to the necessary approvals, the bank said in an exchange filing.

The bank’s share price jumped 2.38% to ₹66.80 on NSE Friday, much of it coming after the announcement of the earnings.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow