Bank of Maharashtra reports 72 per cent jump in net profit at Rs.920 crore

The lender had reported a standalone profit of Rs.535 crore in the year-ago period, a press release said.

Hyderabad: The Bank of Maharashtra (BoM) on Monday posted a 72 per cent jump in net profit at Rs.920 crore for the September quarter, aided by a decline in bad loans and a rise in interest income.

The lender had reported a standalone profit of Rs.535 crore in the year-ago period, a press release said. The Net Interest Income (NII) grew by 28.88 per cent to Rs.2,432 crore in Q2FY23 as against Rs.1,887 crore in the same period a year ago.

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BoM Managing Director AS Rajeev said the operating profit has shown a growth of 31 per cent to Rs.1,920 crore as against Rs.1,462 crore in the same period a year ago. The Net Interest Margin (NIM) increased to 3.89 per cent from 3.55 per cent in the same quarter a year ago, he said, adding that the NIM in the remaining part of the current fiscal is expected to remain around 3.5 per cent. Similarly, the net NPAs or bad loans came down to 0.23 per cent from 0.68 per cent at the end of the second quarter of the previous fiscal.