Bank of Maharashtra (BoM) reported a 45 per cent year-on-year (Y-o-Y) jump in 4th quarter (Q4FY24) with net profit at Rs 1,218 crore against Rs 840 crore, buoyed by healthy growth in net interest income and non-interest income, and relatively lower tax provision burden.

The Bank also announced a dividend of Rs 1.40 per equity share of Rs 10 face value for FY24 and approved raising of Rs 7,500 crore capital, including equity issuance, in FY25.

Nidhu Saxena, MD & CEO, said the bank will sustain the profitability and efficiency parameters assiduously built over the last 15 quarters or so even as it has set its sights on turning into a bank of great significance through a notch up in its ranking (by business size) among public sector banks in the next one year and by two notches in 2-3 years.

Net interest income (difference between interest earned and interest expended) in the reporting quarter was up 18 per cent yoy at Rs 2,584 crore (Rs 2,187 crore in the year-ago period).

Other income, including fee-based income, treasury income and recovery in written-off accounts, rose 24 per cent Y-o-Y to Rs 1,022 crore (Rs 822 crore).

While provisioning for non-performing assets (NPAs) declined 16 per cent Y-o-Y to Rs 457 crore (Rs 545 crore), provision for standard/restructured assets jumped 75 per cent Y-o-Y to Rs 491 crore (Rs 280 crore). Income tax provisions were lower at Rs 50 crore (Rs 71 crore).

Net interest margin (yearly) rose to 3.92 per cent against 3.56 per cent in the year ago period.

GNPAs position improved to 1.88 per cent of gross advances as at March-end 2024 against 2.04 per cent as at December-end 2023. Net NPAs position too improved a shade to 0.20 per cent of net advances against 0.22 per cent.