Bank of Maharashtra on Wednesday reported a surge of 95.2 per cent in its fiscal first quarter profit at Rs 882.49 crore in comparison to Rs 452.20 crore in the first quarter of FY23. The bank said that total interest earned during the quarter was Rs 4788.66 crore, up 38.5 per cent as against Rs 3457.48 crore during Q1FY23. The NII stood at Rs 2339.7 crore, up 38.8 per cent versus Rs 1685.7 crore in the first quarter of FY23.
The total income recorded for the first quarter of the financial year 2023-24 was at Rs 5417.87 crore, up 43.5 per cent as against Rs 3774.66 crore during the corresponding quarter of last year. However, total expenditure for the period was at Rs 3554.19 crore, up 38.2 per cent from Rs 2572.55 crore during Q1FY23.
The bank’s gross non-performing asset (NPA) stood at 2.28 per cent from 3.74 per cent in the first quarter of FY23. While the GNPA during the June quarter was at Rs 4006.73 crore as against Rs 5259.62 crore a year ago, the net NPA of the bank stood at Rs 413.87 crore during Q1FY24 compared to Rs 1206.43 crore in the coordinated quarter last year. Net NPAs stood at 0.24 per cent against 0.25 per cent in the previous quarter.
In terms of revenue across different business verticals, Bank of Maharashtra’s treasury operations revenue stood at Rs 1169.22 crore. The corporate/ wholesale banking operations revenue was at Rs 2028.83 crore during the quarter while the retail banking operations recorded a revenue of Rs 2174.75 crore.