V. P. Srivastava
Chief Financial Officer, Bank of Maharashtra
In Q1FY24, the net profit of the bank zoomed by 95 per cent from corresponding quarter last year to ₹882 Crore. What were the contributing factors for the bank’s performance?
The following major factors have contributed in increase in Net profit by 95% on YOY basis:
- Growth in NII is 39% during June 23 on YOY basis due to increase in gross advances and containing cost of deposit / funds.
- Recovery in W/o is increased from ₹118 Crore during
- June 2022 to ₹231 Crore during June 2023
- The performance of treasury is considerably improved with the income of ₹62 Crore during June 23 as against loss of ₹92 Crore during June 22.
- The slippage ratio has come down to 1.26 in June 23 from 2.15 in June 22. Therefore, bank has to provide for lower amount of provision in respect of NPA accounts.
What strategies does the bank have in place to manage credit growth? Additionally, can we expect credit growth to align with deposit growth during this period?
This story is from the August 14, 2023 edition of Dalal Street Investment Journal.
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This story is from the August 14, 2023 edition of Dalal Street Investment Journal.
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