What was filed
Bank of Maharashtra's board met on October 26, 2026 and approved the unaudited (reviewed) standalone and consolidated results for the quarter and half-year ended September 30, 2026. The statutory central auditors issued a limited review report with an unmodified opinion.
Alongside the results, the bank filed its statement of utilisation of issue proceeds — reporting no funds raised through debt during the quarter — a security cover certificate for its listed non-convertible debt, and a declaration of the unmodified audit opinion. The disclosure is made under SEBI LODR Regulations 30, 33 and 52.
The quarter in brief
On a standalone basis, the bank reported growth in total income, operating profit and net profit over the same quarter a year earlier. Asset quality improved on both measures: the gross and net NPA ratios were each lower than a year ago and than the preceding quarter. The non-performing assets provision coverage ratio, including technically written-off accounts, stood at 98.53% against 98.34% a year earlier.
Provisions and contingencies for the quarter were lower year-on-year, helped by a sharply reduced charge for non-performing assets. The consolidated results — which include subsidiary The Maharashtra Executor and Trustee Company and associate Maharashtra Gramin Bank — carried a share of associate losses that weighed on consolidated net profit after minority interest.
Provision reversals and one-off items
The bank said it is winding back its COVID-19 contingency provisions in a calibrated manner this financial year. It reversed ₹250 crore during the September quarter and continues to hold ₹510 crore as on September 30, 2026, down from ₹760 crore at the end of the prior quarter. The auditors flagged this reversal as an emphasis of matter, noting their conclusion was not modified.
Separately, the bank created an additional ₹500 crore provision towards anticipated Expected Credit Loss during the half-year. Following an RBI direction, it discontinued its Investment Fluctuation Reserve and transferred the outstanding ₹1,091.10 crore balance to profit. It also reported 63 fraud cases during the quarter involving an aggregate ₹308.19 crore, against which it is holding 100% provision to the extent of the net loss.
Capital and funding
The capital adequacy ratio under Basel III stood at 18.51%, with a CET-1 ratio of 15.61%. Government of India shareholding was 73.60% as at September 30, 2026, down from 79.60% a year earlier.
During the quarter the bank raised unsecured foreign currency bonds of USD 500 million under its Medium-Term Note programme through its GIFT City IBU, and redeemed ₹500 crore of maturing Basel III Tier II bonds during the half-year.