Bank of Maharashtra has accepted the resignation of Smt. Uma Vedula from the position of Chief Compliance Officer (CCO), effective July 23, 2026. The change in senior management was disclosed to the stock exchanges on July 24, 2026, following her relief from duties at the close of business hours on July 23, 2026. This leadership transition impacts the bank's compliance oversight structure, triggering a search for a replacement aligned with regulatory seniority requirements.

The resignation was submitted for personal reasons. In accordance with Reserve Bank of India (RBI) guidelines, which mandate that the CCO be appointed at a senior level—preferably not below two levels from the CEO—the bank is actively seeking a new appointee. Management intends to fill the vacancy by selecting a candidate from the existing pool of Chief General Managers (CGMs) within the bank.

The disclosure was made under Regulation 30 read with clause 7B of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Additionally, the filing complies with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185 dated December 31, 2024. Vishal Sethia, Company Secretary of Bank of Maharashtra, signed the disclosure letter addressed to the Vice Presidents of BSE Ltd. and National Stock Exchange of India Ltd.

Key Details of the Resignation

Smt. Vedula’s resignation letter, dated June 24, 2026, expressed gratitude to the Board, management, and staff for their support during her tenure. She requested to be relieved as per the applicable terms and conditions.

Regulatory Context and Succession Plan

The RBI guidelines emphasize the independence and seniority of the Chief Compliance Officer role to ensure robust internal controls. By targeting a Chief General Manager for the position, Bank of Maharashtra aims to maintain compliance with these hierarchical requirements. The appointment process will involve internal selection from current CGMs, ensuring continuity in institutional knowledge while adhering to regulatory standards for seniority.

This change does not reflect any operational irregularities or compliance failures but is part of normal personnel transitions within the bank's senior management cadre. Investors should note that the interim period until the new CCO is appointed will be managed under existing compliance frameworks.

Bank of Maharashtra reported a 27% year-on-year increase in net profit to ₹2,020 crore for the quarter ended June 30, 2026, compared to ₹1,593 crore in the same period last year. The bank exceeded its own guidance across growth, profitability, asset quality, and efficiency metrics. Total business grew 19% year-on-year to ₹6.50 lakh crore, surpassing the bank's 16-17% guidance, while total advances rose 27% year-on-year against an 18% guidance. The bank's board approved the unaudited standalone and consolidated financial results at its meeting held on July 10, 2026, followed by an earnings call the same day.

Key Financial Highlights

The bank's quarterly performance reflects broad-based growth across profitability and business metrics. The following table summarises the key financial results for the quarter:

The bank's total income grew to ₹9,063 crore, driven by a 14% rise in interest income to ₹8,035 crore. Operating profit for the quarter stood at ₹3,117 crore, reflecting improved operational efficiency. The bank is also targeting a cost-to-income ratio under 40%.

Business Growth and Segment Performance

The bank's total deposits recorded a 13% year-on-year increase, reaching ₹3.44 lakh crore, while global advances registered a 27% growth to reach ₹3.06 lakh crore. Retail and Agriculture Micro (RAM) advances grew by 25% to ₹1.87 lakh crore. Segment-wise, strong growth was observed across key lending verticals, as detailed below:

Despite the strong Q1 results, the bank maintains its 18% loan growth target for the year. Bank of Maharashtra also plans to open 200 new branches each year over five years in growth areas, supported by its expectation that strong credit growth will last for two to three more years. The bank's Capital Adequacy Ratio (Basel III) stood at 18.64%, with a CET 1 Ratio of 15.56%.

Asset Quality and Provisions

Bank of Maharashtra maintained stable headline asset quality ratios during the quarter. The Gross Non-Performing Assets (GNPA) ratio improved to 1.45% from 1.74% in the corresponding period of the previous year, while the Net Non-Performing Assets (NNPA) ratio improved to 0.13% from 0.18%. The bank reversed COVID-19 related contingency provisions amounting to ₹250 crore during the quarter and continues to hold provisions amounting to ₹760 crore as on June 30, 2026. The Non-Performing Assets Provision Coverage ratio stood at 98.55% as on June 30, 2026.

Auditor's Report

The Statutory Central Auditors of the bank issued a Limited Review Report with an unmodified opinion for the unaudited financial results. The auditors drew attention to the reversal of COVID-19 contingency provisions but stated that this did not modify their conclusion. The consolidated financial results include the share of net profit of the associate, Maharashtra Gramin Bank, amounting to ₹2.78 crore for the quarter.