Bank of Maharashtra reported a 41.42 percent year-on-year increase in net profit to Rs 2,310 crore for the September quarter of FY27, supported by strong growth in net interest income and non-interest income.


Net interest income (NII), or the difference between interest earned and interest paid, rose 21.76 percent year on year to Rs 3,954 crore. Operating profit increased 30.86 percent to Rs 3,369 crore.

Total income rose 22 percent year on year to Rs 9,736 crore, while total expenses increased 18 percent to Rs 6,367 crore. Provisions and contingencies stood at Rs 1,059 crore, up 13 percent from Rs 941 crore a year earlier.

Non-interest income increased 34 percent year on year to Rs 1,129 crore in the September quarter, compared with Rs 845 crore in the year-ago period. The increase was driven primarily by recoveries from written-off accounts, which more than doubled to Rs 737 crore from Rs 281 crore.

Fee-based income, however, declined 5 percent year on year to Rs 415 crore from Rs 437 crore. Treasury income turned negative at Rs 32 crore, compared with income of Rs 120 crore a year earlier. This included a net loss of Rs 35 crore on investments and a net profit of Rs 3 crore from foreign exchange operations.

The bank’s performance therefore reflects stronger core interest earnings as well as higher recoveries, even as fee income and treasury performance remained under pressure.

The bank’s global advances rose 29.61 percent year on year to Rs 3.29 lakh crore as of September 30, while global deposits grew 21.50 percent to Rs 3.76 lakh crore. Total business increased 25.16 percent to Rs 7.06 lakh crore.

Domestic advances rose 22.92 percent to Rs 3.11 lakh crore. The retail, agriculture and MSME (RAM) portfolio grew 24.69 percent to Rs 1.97 lakh crore, accounting for 63.30 percent of domestic advances, compared with 62.41 percent a year earlier.

Agriculture advances grew 33.56 percent year on year to Rs 44,408 crore, while MSME advances increased 24.69 percent to Rs 58,049 crore. Retail advances rose 20.91 percent to Rs 94,582 crore.

Within retail lending, vehicle loans recorded the fastest growth, rising 54.10 percent to Rs 7,509 crore. Housing loans increased 28.09 percent to Rs 55,132 crore.

Global deposits stood at Rs 3.76 lakh crore, with term deposits rising 31.22 percent year on year to Rs 2.02 lakh crore. CASA deposits grew 11.92 percent to Rs 1.75 lakh crore. The CASA ratio, however, declined to 46.47 percent from 50.35 percent a year earlier, reflecting the faster growth in term deposits.


The bank’s asset quality improved further during the quarter. The gross non-performing asset (NPA) ratio declined to 1.25 percent as of September 30 from 1.72 percent a year earlier, while the net NPA ratio fell to 0.12 percent from 0.18 percent.

Gross NPAs declined to Rs 4,114 crore from Rs 4,372 crore a year earlier, despite the expansion in the loan book. The provision coverage ratio, including technical write-offs, stood at 98.53 percent, compared with 98.34 percent a year earlier.

Gross NPAs declined to Rs 4,114 crore from Rs 4,372 crore a year earlier, despite the expansion in the loan book. The provision coverage ratio, including technical write-offs, stood at 98.53 percent, compared with 98.34 percent a year earlier.

Fresh net slippages rose to Rs 869 crore in the September quarter from Rs 710 crore a year earlier. However, total reductions in gross NPAs increased to Rs 1,191 crore from Rs 546 crore, helping bring down the outstanding stock of bad loans.

Return on assets improved to 2.02 percent from 1.82 percent a year earlier, while return on equity rose to 26.98 percent from 22.58 percent