Bank of Maharashtra reports Net profit of Rs 550 crores in FY21

Q4FY21

- Net Profit up by 187% to Rs 165 crores

- Operating profit grew by 159% to Rs 1540 crores. (Operating profit increased by 73% to Rs 1,031 crores excluding extra ordinary income of Rs. 509 crores in one TWO account).

- Net Interest Income increased by 35% to Rs. 1,383 crores

- Net Interest Margin (NIM) stood at 3.11% as against 2.41%

- Fee based income increased by 22% to Rs 315 crores. Other Income up by 86% to Rs 727 crores excluding extra ordinary income of Rs. 509 crores in one TWO account.

FY21

- Net Profit up by 42% to Rs 550 crores

- Operating profit grew by 39 % to Rs 3,958 crores. (Operating profit increased by 21% excluding extra ordinary income of Rs. 509 crores in one TWO account.)

- Net Interest Income increased by 14% to Rs. 4,898 crores

- CASA stood at 54%

- Provision Coverage Ratio(PCR) improved to 90%

- Gross NPA declined to 7.23 % as against 12.81 %. Net NPA declined to 2.48% as against 4.77%.

- Fee based income increased by 17.65% to Rs 1,002 crores. Other Income up by 59.18 % to Rs 2,625 crores.

- The cost-to-income ratio improved to 47.39 % as against 51.97%. (Cost to Income Ratio excluding extra ordinary income of Rs. 509 crores stood at 50.82%).

Business Growth

- Total Business grew by 15 % to Rs.2,81,659 crores. The same is up by 6% on sequential basis

- Total Deposits grew by 16% to Rs. 1,74,006 crores. The same is up by 7% on sequential basis.

- CASA grew by 24% to Rs 93,945 crores.

- Gross Advances grew by 13 % to Rs 1,07,654 crores. Net Advances grew by 18 % to Rs. 1,02,405 crores.

- RAM (Retail, Agri & MSME) Business grew by 25%. Retail advances grew by 26% to Rs. 28,651 crores. MSME advances grew by 35 % to Rs. 23,133 crores.

Capital Position:

- Total Basel III Capital adequacy ratio at 14.49% with Common Equity Tier 1 ratio of 10.97%.

- Liquidity Coverage Ratio at 217.22 %, well above the regulatory requirement of 100%.

- Tier - II Capital raised during the year ended 31.03.2021 is Rs. 505.70 Crores.

Asset quality:

- Gross NPA declined to 7.23 % as on 31.03.2021 against 12.81 % as on 31.03.2020. The same was 7.69 % as on 31.12.2020.

- Net NPA declined to 2.48 % as on 31.03.2021 against 4.77 % as on 31.03.2020. The same was 2.59% as on 31.12.2020.

- Provision Coverage ratio improved to 90% as on 31.03.2021 as against 84% as on 31.03.2020. The same was 90% as on 31.12.2020.

- During the quarter Bank made Covid-19 provision of Rs 508 crore. Bank holds cumulative Covid-19 provision including interest of Rs 753.47 crores.

New Initiative:

Bank of Maharashtra continue to remain the top players in Digital Banking Space among its peers. Bank has entered into a co-lending (Digital Lending) agreement with non-banking financial company for MSME loans. With this, the bank would be getting into faceless sanction and disbursals using mobile app.

A new mobile app MAHA-BHIM Quick-Pay has been deployed for QR transaction acquiring. The merchants can do self-registration for QR Code generation and start acquiring merchant transactions using QR Code. Online account opening Solution has been made live which enables customer to avail a faster and smoother account opening facility without visiting the branch. Bank has launched Tab banking solution which enables customer to avail a faster and smoother account opening facility.

Bank implemented an Enterprise wide Loan Lifecycle Management System (LLMS) for automation of Loan Lifecycle and towards digitization of records. Bank is switching to the loan management solution to reduce operation cost, improve the quality of credit assessment and enhance customer satisfaction. Bank launched its own credit card and targeting 5 lac cards in next 5 years.

Bank implemented HRMS Solutions which will streamline all HR operations with integrated processes and data. HRMS manages the entire HR functions starting from onboarding to final separation (Exit).

Shares of BANK OF MAHARASHTRA was last trading in BSE at Rs.24.75 as compared to the previous close of Rs. 23.85. The total number of shares traded during the day was 1453335 in over 3494 trades.

The stock hit an intraday high of Rs. 25.3 and intraday low of 23.5. The net turnover during the day was Rs. 35419962.

Source : Equity Bulls

Keywords