BoM Q1 results: Net profit up 47% Rs 1,293 crore; stock climbs 7%

Bank of Maharashtra (BoM) on Monday reported a significant rise in its year-on-year (YoY) net profit during the first quarter of the ongoing financial year 2024-25 (Q1 FY25). "Net Profit up by 46.64 per cent to Rs 1,293 crore in Q1 FY25 on YoY basis as against Rs 882 crore for Q1 FY24. Operating Profit improved to Rs 2,294 crore for Q1 FY25 as against Rs 1,863 crore for Q1 FY24," it stated.

"Net interest income (NII) grew by 19.63 per cent on YoY basis to Rs 2,799 crore in Q1 FY25 as against Rs 2,340 crore for Q1 FY24. Fee based income increased by 12.15 per cent on YoY basis to Rs 368 crore for Q1 FY25. Non-interest income improved to Rs 894 crore in Q1 FY25 as against Rs 629 crore for Q1 FY24," BoM also said.

Gross NPA (non-performing asset) improved to 1.85 per cent as on June 30, 2024 as against 2.28 per cent in the year-ago period and 1.88 per cent in the previous quarter.

"The cost to income ratio stood at 37.87 per cent for Q1 FY25 compared to 37.23 per cent for Q1 FY24. Return on assets (ROA) improved to 1.72 per cent for Q1 FY25 as against 1.33 per cent for Q1 FY24. Return on equity (ROE) also improved to 27.62 per cent for Q1 FY25 against 23.73 per cent for Q1 FY24," it further stated.

"Gross advances grew by 18.99 per cent on YoY basis to Rs 2,09,031 crore in Q1 FY25 as against Rs 1,75,676 crore in Q1 FY24. RAM (Retail, Agri. & MSME) business improved to 61.05 per cent of gross advances. Retail advances grew by 18.26 per cent to Rs 53,161 crore YoY. YoY MSME advances grew by 26.15 per cent to Rs 42,561 crore," it further said.

On the stock-specific front, BoM shares surged 7.12 per cent to hit a day high of Rs 69.69. The stock was last seen trading 6.02 per cent higher at Rs 69. At this price, it has gained 51.15 per cent in 2024 so far.

The scrip saw heavy trading volume on BSE today as around 41.73 lakh shares changed hands at the time of writing this story. The figure was higher than the two-week average volume of 14.72 lakh shares. Turnover on the counter came at Rs 28.26 crore, commanding a market capitalisation (m-cap) of Rs 48,719.85 crore.