Bank of Maharashtra reports 45% jump in Q4 net profit at Rs 1,218 crore

Bank of Maharashtra (BoM) reported a 45 per cent year-on-year (y-o-y) jump in 4th quarter (Q4 FY24) with net profit at Rs 1,218 crore against Rs 840 crore, buoyed by healthy growth in net interest income and non-interest income, and relatively lower tax provision burden.

The Bank also announced a dividend of Rs 1.40 per equity share of Rs 10 face value for FY24 and approved raising of Rs 7,500 crore capital, including equity issuance, in FY25.

Net interest income (difference between interest earned and interest expended) in the reporting quarter was up 18 per cent y-o-y at Rs 2,584 crore (Rs 2,187 crore in the year-ago period).

On the proposed equity issuance, which could happen in 2-3 tranches, BoM’s MD & CEO Nidhu Saxena said that while the bank’s current level of capital is enough to take care of credit growth requirements in the next one year, the bank will tap the market at an opportune time to meet SEBI’s minimum public shareholding norm of 75 per cent and also bolster the capital adequacy ratio.