Bank of Maharashtra Q3 FY26 profit rises 26.5%

Key updates from BSE filings

Bank of Maharashtra (BoM) issued multiple updates through BSE between January and March 2026, covering quarterly results, a dividend decision, and a governance-related newspaper publication. The state-owned lender reported strong earnings for the quarter ended December 31, 2025 (Q3 FY26), alongside improved asset quality indicators. The board also approved an interim dividend for FY 2025-26 and set a record date for eligibility. Separately, BSE carried an “Update on Election of One Shareholder Director” via newspaper publication dated March 10 and March 11, 2026. The disclosures collectively highlight BoM’s financial performance and ongoing compliance and governance processes. While the shareholder director update was published on BSE, the material shared here does not provide further details on the election outcome or timeline beyond the publication references.

Board meeting: results approval and interim dividend

BoM’s board meeting held on January 13, 2026 considered and approved the unaudited financial results for the quarter and nine months ended December 31, 2025. In the same meeting, the board approved an interim dividend of 10% on equity shares. This translates to ₹1.00 per equity share, with a face value of ₹10 per share, for FY 2025-26. The bank informed exchanges that the record date for determining eligible shareholders is Tuesday, January 20, 2026. The meeting timing was also disclosed, starting at 10:45 am and concluding at 02:00 pm IST. These are standard steps for dividend processing, as record dates determine which shareholders receive the payout.

Q3 FY26 profit growth and income trends

For Q3 FY26, BoM reported a year-on-year rise in net profit of 26.5% to ₹1,779.33 crore, compared with ₹1,406 crore in the year-ago quarter. Total income for the quarter increased to ₹8,277.06 crore from ₹7,112 crore in the corresponding period last year, as per regulatory filings. Interest income rose to ₹7,344 crore in the quarter, up from ₹6,325 crore a year earlier. The bank’s Net Interest Income (NII) grew 16% to ₹3,422 crore in Q3 FY26 from ₹2,943 crore in Q3 FY25. BoM also reported net revenues (NII plus other revenue) of ₹4,355 crore in Q3 FY26, compared with ₹3,731 crore in Q3 FY25.

Operating efficiency and return ratios

Along with higher income, BoM disclosed improved operating efficiency through a lower cost-to-income ratio. The cost-to-income ratio improved to 37.19% in Q3 FY26 from 38.27% in Q3 FY25. Return ratios were also higher on a year-on-year basis, with Return on Equity (ROE) reported at 23.79% for Q3 FY26 versus 22.36% in Q3 FY25. Return on Assets (ROA) rose to 1.86% in Q3 FY26 from 1.78% in Q3 FY25, and was also compared against 1.82% in Q2 FY26. These metrics indicate how effectively the bank converted its asset base and equity into profits during the period covered by the filing.

Balance sheet growth: deposits, advances, and total business

BoM reported balance sheet momentum as of December 31, 2025, with growth across deposits and advances. Total business rose 17.24% year-on-year to ₹595,163 crore. Total deposits increased 15.29% year-on-year to ₹321,661 crore. Global advances grew 19.62% year-on-year to ₹273,502 crore, with the bank attributing the rise to growth in retail and MSME lending. These figures provide context to the earnings expansion, since higher scale in advances and deposits typically supports income growth.

Asset quality improves further in Q3 FY26

The bank disclosed continuing improvement in asset quality metrics. Gross Non-Performing Assets (GNPA) declined to 1.60% as of December 31, 2025, compared with 1.80% a year earlier and 1.72% as of September 30, 2025. Net NPA improved to 0.15% from 0.20% in December 2024 and 0.18% in September 2025. These changes were presented as reflecting better provisioning and lower incremental stress. Asset quality trends are closely tracked by investors in banking stocks because they influence credit costs and the sustainability of earnings.

Capital adequacy and compliance-related developments

BoM reported a Basel III Capital Adequacy Ratio of 17.06% as of December 31, 2025. The Common Equity Tier 1 (CET1) ratio was reported at 13.10% on the same date. The bank also disclosed that it completed a 6% Offer for Sale (OFS), and indicated that this achieved SEBI public shareholding compliance. These disclosures are relevant for understanding capital buffers and regulatory positioning.

Audit review and limited review outcome

The unaudited financial results were reviewed by statutory central auditors, including G D Apte & Co., Manubhai & Shah LLP, Sagar & Associates, and S. Singhal & Co. The auditors provided a limited review report with an unmodified opinion, as disclosed. BoM also reported both standalone and consolidated numbers for the quarter and nine months ended December 31, 2025. On a standalone basis, Q3 total income was ₹8,277.06 crore and net profit after tax was ₹1,779.33 crore. On a consolidated basis, Q3 total income was ₹8,277.22 crore and net profit after tax was ₹1,779.58 crore.

Other disclosures: fraud cases and dividend track record

BoM reported 285 fraud cases totaling ₹807.28 crore for 9M FY26. The bank also noted a long dividend history, stating that it has declared 16 dividends since June 23, 2004. In the excerpted list, final dividends of ₹1.5 per share (ex-date May 9, 2025) and ₹1.4 per share (ex-date May 10, 2024) were cited. Separately, BSE updates dated March 10 and March 11, 2026 referenced a newspaper publication related to the election of one shareholder director, without additional details provided in the shared material.

Summary table: key figures and dates

Why the dividend and results matter for investors

The combination of higher profitability, better asset quality, and improved efficiency provides measurable context for the interim dividend decision. The declared interim dividend of ₹1 per share signals the board’s willingness to return capital to shareholders during FY 2025-26. For banking investors, GNPA and Net NPA movement is particularly important because it affects provisions and the volatility of earnings over time. Disclosures on capital adequacy and CET1 provide a quick snapshot of buffers above regulatory requirements, which influences risk perception and the ability to support growth.

Conclusion

Bank of Maharashtra’s January 2026 filings outlined stronger Q3 FY26 earnings, improved asset quality, and an interim dividend with a January 20, 2026 record date. Subsequent March 2026 BSE updates referenced a newspaper publication related to the election of one shareholder director. The next confirmed milestones in the shared disclosures are tied to the dividend process based on the record date and the governance update as published on BSE.