Bank of Maharashtra Q4 Results: Net Profit Jumps 45% to Rs 1,218 Crore, Rs 1.40 Dividend Declared – Prime Time News24

State-owned Financial institution of Maharashtra (BoM) on Friday reported a forty five per cent bounce in its internet revenue to Rs 1,218 crore for the March quarter, helped by a decline in unhealthy loans and an increase in curiosity earnings. The Pune-based lender had earned a internet revenue of Rs 840 crore within the year-ago interval.

In the course of the quarter, the financial institution’s whole earnings elevated to Rs 6,488 crore as towards Rs 5,317 crore a 12 months in the past, BoM stated in a regulatory submitting. Curiosity earnings grew to Rs 5,467 crore through the interval underneath overview, from Rs 4,495 crore within the corresponding quarter a 12 months in the past.

The financial institution’s board has really helpful a dividend of Rs 1.40 per share or 14 per cent of Rs 10 face worth out of the online income for the 12 months ended March 31, 2024. On the asset high quality facet, the financial institution’s Gross Non-Performing Property (NPAs) have been lowered to 1.88 per cent of gross advances as of March 31, 2024, from 2.47 per cent by the tip of March 2023.

Web NPAs additionally got here right down to 0.20 per cent of the advances from 0.25 per cent on the finish of 2024. The autumn in unhealthy loans ratio helped minimize the provisions in the direction of NPAs for Q4FY24 to Rs 457 crore as in contrast with Rs 545 crore a 12 months in the past.

The board additionally accepted elevating of capital as much as Rs 7,500 crore by means of a Observe-on Public Provide (FPO) or rights problem, Certified Institutional Placement (QIP) problem, or some other mode or by means of problem of BASEL III Compliant Tier I and Tier II Bonds or such different securities as could also be permitted underneath relevant legal guidelines and many others, it stated. Provision Protection Ratio stood to 98.34 per cent as on March 30, 2024.

Nevertheless, the capital adequacy ratio of the financial institution declined to 17.38 per cent from 18.07 per cent on the finish of FY23.

(This story has not been edited by Prime Time News24 workers and is printed from a syndicated information company feed – PTI)