Results at a Glance
Operating profit for Q4FY20 grew by 18.73% YOY to INR 595 crores
Net Profit for Q4FY20 stood at INR 58 crores
Operating profit for FY20 grew by 29.55% YOY to INR 2847 crores
Net profit stood at INR 389 crore in FY20 as against loss of INR 4784 crore in FY19
NIM for FY20 improved to 2.60% as against 2.53% in FY19
Total Business increased to INR 2,44,955 crore in FY20 as against INR 2,34,117 crore in FY19
The CASA deposit of the Bank improved to 50.29% as on 31.03.2020 as against 49.65% as on 31.03.2019
Savings Account deposits grew by 7.80% YOY, Current Account deposits grew by 9.32% YOY
Retail advances grew by 21.30 % and the MSME advances grew by 25.04 %.
Overall capital adequacy at 13.52% with Common Equity Tier 1 ratio of 10.67% at the end of FY20
Liquidity Coverage Ratio at 184.74%.
Net NPA declined to 4.77% as on 31.03.2020 against 5.52% as on 31.03.2019.
Gross NPA reduced to 12.81% as on 31.03.2020 against 16.40% as of 31.03.2019.
Provision Coverage ratio improved to 83.97% as on 31.03.2020 as against 81.49% as on 31.03.2019
In terms of RBI circular dated 17th April, 2020 on Covid-19, Bank has made provision of INR 150 crore in FY20 towards Covid-19 Regulatory Package Provision as against required provision @5% i.e. INR 38 crore.
The Board of Directors of Bank of Maharashtra approved the financial results for the quarter and year ended 31st March 2020 at its meeting held in Pune on Tuesday, 16th June, 2020.
Profit & Loss Account: Period ended 31st March, 2020
۩ Operating profit increased to INR 2847.06 crore for the year ended 31.03.2020 as against INR 2197.61 crore for year ended 31.03.2019. The same was INR 595.07 crore for quarter ended 31.03.2020 as compared to INR 501.18 crore for quarter ended 31.03.2019.
۩ Net Profit stood at INR 388.58 crore for the year ended 31.03.2020 as against Net loss of INR 4783.88 crore for year ended 31.03.2019. Net profit for the quarter ended 31.03.2020 was INR 57.57 crore.
۩ Net Interest Income increased to INR 4278.80 crore for the year ended 31.03.2020 as against INR 3733.48 crore for the year ended 31.03.2019 registering a growth of INR 545.32 crore (14.61 %). The same stood at INR 1022.51 crore for the quarter ended 31.03.2020 as against INR 999.93 crore for quarter ended 31.03.2019.
۩ Net Interest Margin (Interest Spread to Average Interest Earning Assets) improved to 2.60 % for the year ended 31.03.2020 as against 2.53% for the year ended 31.03.2019.
۩ Yield on advances stood at 7.23 % for year ended 31.03.2020 as against 7.68% for year ended 31.03.2019.
۩ Yield on investment stood at 7.23 % for the year ended 31.03.2020.
Balance Sheet: As on 31st March, 2020
۩ Total business increased to INR 2,44,955 crore as on 31.03.2020 as against INR 2,34,117 crore as on 31.03.2019.
۩ Total deposits stood at INR 1,50,066 crore as on 31.03.2020 as against INR 1,40,650 crore as on 31.03.2019.
۩ CASA deposits increased from INR 69,830 crore as on 31.03.2019 to INR 75,475 crore as on 31.03.2020, registering a growth of INR 5,645 crore @ 8.08 % on Y-o-Y basis. CASA improved to 50.29 % as on 31.03.2020.
۩ Net Advances increased to INR 86,872 crore as on 31.03.2020 as against INR 82,666 crore as on 31.03.2019, showing a growth of 5.09%.
۩ Capital adequacy ratio under Basel III is 13.52% as on 31.03.2020 as compared to 11.86% as on 31.03.2019.
۩ CET 1 ratio of 10.67% is well above regulatory minimum. It also reflects the ability to comfortably raise capital through various avenues.
۩ Gross NPA and Net NPA stood at INR 12,152 crore (12.81 %) and INR 4,145 crore (4.77 %) as on 31.03.2020, as against INR 15,324 crore (16.40%) and INR 4,559 crore (5.52%) as on 31.03.2019. The level of Gross and Net NPA was INR 15,746 crore (16.77%) and INR 4,507 crore (5.46%) respectively as on 31.12.2019.
۩ Provision Coverage ratio improved to 83.97% as on 31.03.2020 showing adequacy of provision.
Bank of Maharashtra’s response to COVID-19 challenges
The past several weeks have witnessed the country battling an unprecedented crisis on account of Covid-19 pandemic. The Bank was quick to recognize the gravity of the situation. Bank took various supportive measures for the welfare of the customers/ employees. Over 97.5% of Branches and 88% of ATM were operational.
Bank waived service charges in Current and Savings account upto 30th June, 2020. Bank has introduced GECL scheme under Emergency Credit Line Guarantee Scheme. Under this scheme, Bank has been offering working capital loan upto 20% of the borrowers total outstanding credit (max upto INR 25 crore) to all business accounts with annual turnover upto INR 100 crores for FY 2019-20. Bank of Maharashtra employees donated INR 5 crore to PM-CARES Fund and INR 1 crore to Chief Minister’s Relief Fund Covid-19. Bank has undertaken various preventive measures like providing masks, sanitizers and maintaining social distancing during customers’ visit to branches. Through all 32 zonal offices countrywide, BoM has undertaken various activities to support the ‘Corona Warriors’ by distributing face masks, gloves, water bottles, food packets, canopy umbrellas, grocery items, etc.
A presentation for investors is being separately placed on the Banks website www.bankofmaharashtra.in