BoM's Q4 profit jumps 126% to Rs 840 cr

Hyderabad: State-owned Bank of Maharashtra (BoM) reported a more than two-fold jump in its net profit to Rs 840 crore for the January-March quarter (Q4) FY 2022-23, helped by a decline in bad loans and a rise in interest income. The bank had earned a net profit of Rs 355 crore in the year-ago period. Its net profit increased by 125.96 per cent to Rs 2,602 crore in FY23 on Y-o-Y basis against Rs 1,152 crore for the previous financial year.

While total business grew 21.23 per cent to Rs 4,09,202 crore, gross advances grew 29.49 per cent to Rs 1,75,120 crore and total deposits rose 15.71 per cent to Rs 2,34,083 crore at the end of March 2023. During Q4, the total income increased to Rs 5,317 crore as against Rs 3,949 crore a year ago, BoM said in a regulatory filing. Interest income grew to Rs 4,495 crore during the period under review, from Rs 3,426 crore in the corresponding quarter a year ago. The bank's board has recommended a dividend of Rs 1.30 per share or 13 per cent of Rs 10 face value out of the net profits for the year ended March 31, 2023.

Addressing media, BoM managing director A S Rajeev said the bank plans to raise Rs 1,000 crore via share sale during the April-June quarter (Q1) of the current fiscal to meet Minimum Public Shareholding (MPS) norms of markets regulator Sebi. Another Rs 1,000 crore would be raised from Follow-on Public Offer (FPO) or Qualified Institutional Placement (QIP) depending on the market situation, he said.