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Today Date : Sunday, May 19, 2024

Bank of Maharashtra's net profit up to Rs.1,218 crore in Q4

Bank of Maharashtra's net profit up to Rs.1,218 crore in Q4

Bank of Maharashtra (BoM) reported a 45 per cent year-on-year (Y-o-Y) jump in 4th quarter (Q4FY24) 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.
Shri Nidhu Saxena, MD & CEO, said the bank will sustain the profitability and efficiency parameters assiduously built over the last 15 quarters or so even as it has set its sights on turning into a bank of great significance through a notch up in its ranking (by business size) among public sector banks in the next one year and by two notches in 2-3 years. 
Total deposits rose by 15.66 per cent Y-o-Y to stand at Rs 2,70,747 crore as at March-end 2024. 
Low-cost CASA (current account, savings account) deposits declined to 52.73 per cent of total deposits against 53.38 per cent in the year ago quarter.
Mr. Nidhu Saxena said the bank expects advances and deposit growth of 16-20 per cent and 12-15 per cent, respectively, in FY25. NIM will be in the 3.70-3.90 per cent range. 
The bank is planning to add about 200 branches in FY25.
On the proposed equity issuance, which could happen in 2-3 tranches, the BoM’s MD & CEO 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