<p>New Delhi: State-owned Bank of Maharashtra (BoM) on Friday reported a 45 per cent jump in its net profit to Rs 1,218 crore for the March quarter, helped by a decline in bad loans and a rise in interest income.</p><p>The Pune-based lender had earned a net profit of Rs 840 crore in the year-ago period.</p><p>During the quarter, the bank's total income increased to Rs 6,488 crore as against Rs 5,317 crore a year ago, BoM said in a regulatory filing.</p><p>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.</p><p>The bank's board has recommended a dividend of Rs 1.40 per share or 14 per cent of Rs 10 face value out of the net profits for the year ended March 31, 2024.</p><p>On the asset quality side, the bank's Gross Non-Performing Assets (NPAs) were reduced to 1.88 per cent of gross advances as of March 31, 2024, from 2.47 per cent by the end of March 2023.</p>.How a faltering Kotak Mahindra Bank exposes pitfalls of India’s tech ambition.<p>Net NPAs also came down to 0.20 per cent of the advances from 0.25 per cent at the end of 2024.</p><p>The fall in bad loans ratio helped cut the provisions towards NPAs for Q4FY24 to Rs 457 crore as compared with Rs 545 crore a year ago.</p><p>The board also approved raising of capital up to Rs 7,500 crore through a Follow-on Public Offer (FPO) or rights issue, Qualified Institutional Placement (QIP) issue, or any other mode or through issue of BASEL III Compliant Tier I and Tier II Bonds or such other securities as may be permitted under applicable laws etc, it said.</p><p>Provision Coverage Ratio stood to 98.34 per cent as on March 30, 2024.</p><p>However, the capital adequacy ratio of the bank declined to 17.38 per cent from 18.07 per cent at the end of FY23.</p>
<p>New Delhi: State-owned Bank of Maharashtra (BoM) on Friday reported a 45 per cent jump in its net profit to Rs 1,218 crore for the March quarter, helped by a decline in bad loans and a rise in interest income.</p><p>The Pune-based lender had earned a net profit of Rs 840 crore in the year-ago period.</p><p>During the quarter, the bank's total income increased to Rs 6,488 crore as against Rs 5,317 crore a year ago, BoM said in a regulatory filing.</p><p>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.</p><p>The bank's board has recommended a dividend of Rs 1.40 per share or 14 per cent of Rs 10 face value out of the net profits for the year ended March 31, 2024.</p><p>On the asset quality side, the bank's Gross Non-Performing Assets (NPAs) were reduced to 1.88 per cent of gross advances as of March 31, 2024, from 2.47 per cent by the end of March 2023.</p>.How a faltering Kotak Mahindra Bank exposes pitfalls of India’s tech ambition.<p>Net NPAs also came down to 0.20 per cent of the advances from 0.25 per cent at the end of 2024.</p><p>The fall in bad loans ratio helped cut the provisions towards NPAs for Q4FY24 to Rs 457 crore as compared with Rs 545 crore a year ago.</p><p>The board also approved raising of capital up to Rs 7,500 crore through a Follow-on Public Offer (FPO) or rights issue, Qualified Institutional Placement (QIP) issue, or any other mode or through issue of BASEL III Compliant Tier I and Tier II Bonds or such other securities as may be permitted under applicable laws etc, it said.</p><p>Provision Coverage Ratio stood to 98.34 per cent as on March 30, 2024.</p><p>However, the capital adequacy ratio of the bank declined to 17.38 per cent from 18.07 per cent at the end of FY23.</p>