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Key Highlights of Bank of Maharashtra's Q2FY21 results

Posted On: 2020-10-19 04:29:36 (Time Zone: Arizona, USA)


Bank of Maharashtra has announced the financial results for the period ended September 30, 2020. Total Business increased to Rs.2,62,034 crore {12.53 %}, Total Advances Increased to Rs.1,03,408 crore { 13.13 %} and Total Deposits increased to Rs.1,58,626 crore {12.15 %}

Operating performance:

- Net Profit for Q2 of FY20-21 grew by 13.44 % on Y-o-Y basis and 28.75 % on sequential basis to INR 130 crore.

- Operating profit for Q2 of FY20-21 grew by 7.18 % on Y-o-Y basis and 13.47 % on sequential basis to INR 806 crore.

- The Bank's net revenues (net interest income plus other income) grew by 6.98% on Y-o-Y basis and 7.90% on sequential basis to Rs.1,572 crore.

- Net interest income (interest earned less interest expended) for the quarter ended 30.09.2020 grew by 4.38 % on Y-o-Y basis to Rs.1,120 crore.

- Net Interest Margin stood at 2.62% for the quarter ended 30.09.2020 as against 2.77% for the quarter ended 30.09. 2019.The same was 2.43% for the quarter ended 30.06.2020.

- The cost-to-income ratio improved to 48.73% for the quarter ended 30.09.2020 as against 48.82% as on 30.09.2019. The same was 51.25% for the quarter ended 30.06.2020

Business Growth:

- Total Business increased to Rs. 2,62,034 crore as on 30.09.2020, showing Y-o-Y growth of 12.53 % and 4.98 % on sequential basis.

- Total deposits grew by 12.15 % Y-o-Y basis to INR 1,58,626 crore.

- Bank is maintaining a healthy CASA Ratio of 50.51% as on 30.09.2020. CASA increased by 17.46 % on Y-o-Y basis to Rs.80,125 crore

- CASA comprising total saving deposit of Rs.66870 Crores and current deposit of Rs.13,255 crore.

- Gross Advances grew by 13.13 % to INR 1,03,408 crore on Y-o-Y basis

- Net advance grew by 21.31% to INR 97,511 crore on Y-o-Y basis.

- Retail advances for Q2 of FY20-21 grew by 34.42% on Y-o-Y basis.

- MSME advances for Q2 of FY20-21 grew by 32.75% on Y-o-Y basis.

Capital Position:

- Capital adequacy at 13.18 % with Common Equity Tier 1 ratio of 10.31 % as on 30.09.2020

- Healthy Liquidity Coverage Ratio at 221.51%, well above the regulatory requirement of 80%.

Asset quality:

- Net NPA declined to 3.30% as on 30.09.2020 against 5.48% as on 30.09.2019. The same was 4.10% as on 30.06.2020.

- Gross NPA reduced to 8.81% as on 30.09.2020 against 16.86% as on 30.09.2019. The same was 10.93% as on 30.06.2020.

- Provision Coverage ratio improved to 87.15% as on 30.09.2020 as against 82.71% as on 30.09.2019. The same was 85.62% as on 30.06.2020.

- Bank holds cumulative Covid-19 provision including interest of Rs 925 crore (out of which Rs 500 crore provision made in current quarter).

- In pursuance to Supreme court order, Bank has not declared accounts as NPA which were not declared NPA till 31.08.2020. As a matter of prudence, Bank made additional provision of Rs 120 crore.

New Initiative:

- Credit Card- Bank launched its own credit card on 16.09.2020. Credit card is one of the major entry gate for the new customer/ prospects which attracts customers into bank's portfolio. Bank is targeting 50 Thousand cards by 31.03.2021 and 5 lac cards in next 5 years.

- LLMS- Bank implemented an Enterprise wide Loan Lifecycle Management System (LLMS) for automation of Loan Lifecycle and towards digitization of records. Bank is switching to the loan management solution to reduce operation cost, improve the quality of credit assessment and enhance customer satisfaction.

- HRMS Solution- Bank is in the process of implementation of HRMS Solutions which will streamline all HR operations with integrated processes and data. HRMS manages the entire HR functions starting from onboarding to final separation (Exit).

- Fintech Tie-up- Bank has done a Tie-up with Fintech technology for financing loans to Agriculture / MSME / Retail Sector. Bank is targeting an annual business of approximately 700 crore from this Tie-up.

Shares of BANK OF MAHARASHTRA was last trading in BSE at Rs.11.91 as compared to the previous close of Rs. 11.13. The total number of shares traded during the day was 402978 in over 793 trades.

The stock hit an intraday high of Rs. 12.56 and intraday low of 11.25. The net turnover during the day was Rs. 4805389.


Source: Equity Bulls

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