Bank of Maharashtra Q4 net profit increased by 45% to Rs 1,218 crore : Bank to employee 10000 business correspondents


(From Left to Right) Shri. Asheesh Pandey, Executive Director, Shri. Nidhu Saxena, MD & CEO, Shri. Rohit Rishi, Executive Director, and Shri. V. P. Srivastava, General Manager & CFO, Bank of Maharashtra while addressing Press conference for Q4 and Annual Financial Results for FY 2023-24

Mumbai: Bank of Maharashtra declared their Q4 results with a stunning performance and the net profit increased by 44.5% to Rs 1,218 cr where as they earned a net profit of Rs 840 crore in the year-ago period. During the quarter, the bank’s total income increased to Rs 6,488 crore as against Rs 5,317 crore a year ago, Nidhu Saxena, Managing Director & CEO pointed that the bank the bank has made an exponential growth in all fronts. Interest income grew to Rs 5,467 crore during the period under review, from Rs 4,495 crore in the corresponding quarter a year ago.However, the capital adequacy ratio of the bank declined to 17.38 per cent from 18.07 per cent at the end of FY23.
While we talk about the year end profitability of the bank, the net profit increased by Rs. 4055 crore as against Rs 2602 crore in the year ended 2023. Operating profit also grown at 31.25 percentages to Rs. 8,005 crore on an year o year basis against Rs. 6,099 crore for the year ended 2023. At the same time cost to income ratio has drastically improved to 37.55 percentages for the year ended 2024 as against the 39.14 for the year ended 2023.
Saxena also mentioned that anytime anywhere banking is the new front, with which the bank expected to reach the new areas of banking business. The banks is poised for an aggressive growth and are in the plan of appointing more than 10,000 business correspondents to augment the new business and to catalysing existing business. The implementation of a high level team to mange a new vertical for new business headed by a general manager and the team below will make an end to end solution providing platform for the existing client for by way of offering all financial needs under an umbrella.
On account of the bank’s 90th foundation day, a slew of new offering to the customers expected to launch with a mission to climb the ladder with a one notch. Saxena also pointed that the stake dilution from the current government holding level of 86.46 percentage to reach 75 percentage on trenches on a systematic dilution. The bank is also expected to infuse fresh funds for more advances. In the fintech front too, the bank is in discussion with more than sixty players for a strategic alliance for business growth Said Asheesh Pandey, Executive Director.


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