Financial institution of Maharashtra’s standalone revenue greater than doubled within the December quarter, rising almost 139% to Rs 775 crore. The lender clocked a revenue of Rs 325 crore in the identical quarter final yr.
On a sequential foundation, the revenue was up 45%. The online curiosity revenue (NII) — the distinction between curiosity earned and curiosity expended — rose 30% year-on-year (YoY) to Rs 1,980 crore, in contrast with Rs 1,527 crore a yr in the past. The online curiosity margin (NIM) through the quarter improved to three.6%.
Different revenue for the third quarter stood at Rs 640 crore. The online revenues, which is internet curiosity revenue plus different revenue, surged 22% to Rs 2,620 crore through the quarter underneath overview.
The inventory was final buying and selling at Rs 33.75 on NSE, up 6.47% over the earlier shut.
The Pune-based financial institution’s asset high quality improved considerably because the gross non-performing belongings declined to 2.94% as of December 2022 as towards 4.73% as on December 2021. In the meantime, internet NPAs have been right down to 0.47% through the interval underneath overview. The financial institution made provisions to the tune of Rs 582 crore for the third quarter.
“Provision Protection ratio improved to 97.18% as on December 2022 as towards 93.77% as on December 2021,” the financial institution stated in a regulatory submitting. The capital adequacy ratio rose to 17% with frequent fairness tier-1 ratio of 13.47% within the December quarter as towards 14.85 per cent in the identical quarter final yr.Financial institution of Maharashtra’s working revenue rose by 36% to Rs 1,580 crore for the third quarter as towards Rs 1,162 crore within the corresponding interval of final yr.
On the enterprise facet, the financial institution’s complete deposits clocked a progress of 12% YoY to Rs 2.08 trillion, whereas gross advances grew by 22%. The lender’s retail advances rose 23% to Rs 40,312 crore on a year-on-year foundation.
For the 9 months ended December, the web revenue rose 121 per cent to Rs 1,762 on year-on-year foundation as towards Rs 796 crore for a similar interval final yr. The online curiosity revenue through the 9 months interval got here in at Rs 5,554 crore.
