Its net profit for the year-ago period was Rs 1,407 crore.
The government-owned bank reported a net interest margin of 3.86% for the quarter under review, which was a basis point higher than the preceding quarter’s print but 12 basis points lower than the ratio seen in the year-ago period.
“A further rate cut in February, if it happens, would impact the NIM, but it would likely to remain above our guidance of 3.75% as we kept the guidance modest,” managing director Nidhu Saxena said.
The bank’s net interest income rose 16% at Rs 3,422 crore, while non-interest income was 18% higher at Rs 933 crore.
Its operating profit for the quarter stood 19% higher at Rs 2,736 crore.
The Pune-headquartered lender managed to improve its asset quality further, with the gross non-performing assets ratio falling to 1.6% at the end of December last year from 1.8% a year prior. Net NPA ratio was at 0.15% against 0.2%.Its gross advances expanded by 20% year-on-year to Rs 2.74 lakh crore, while deposit mobilisation was 15% higher at Rs 3.22 lakh crore. The current and savings account ratio to total deposits stood at 49.5%.
The bank has a 36% corporate loan share. Saxena said that Bank of Maharashtra has a healthy corporate loan book pipeline of about Rs 50,000-55,000 crore, of which around Rs 20,000 crore is in various stages of disbursement.
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