Bank of Maharashtra Q1 Profit Surges 47% to Rs 1,293 Cr
Jul 15, 2024 14:13
Bank of Maharashtra (BoM) reported a 47% jump in net profit for the June quarter, driven by lower bad loans and improved interest income. Total income also increased significantly.
New Delhi, Jul 15 (PTI) Bank of Maharashtra (BoM) on Monday reported 47 per cent jump in net profit at Rs 1,293 crore for June quarter FY25, helped by decline in bad loans and improvement in interest income.
The Pune-based lender had posted a net profit of Rs 882 crore in the year-ago period.
Total income in the quarter under review rose to Rs 6,769 crore from Rs 5,417 crore in the same period a year ago, the state-owned lender said in a regulatory filing.
Interest earned by the bank grew to Rs 5,875 crore as compared to Rs 4,789 crore in June quarter FY24.
The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 1.85 per cent of gross advances at the end of June quarter FY25 from 2.28 per cent a year ago.
Similarly, net NPAs or bad loans, declined to 0.20 per cent as against 0.24 per cent in the year-ago period.
Capital adequacy ratio of the bank declined to 17.04 per cent from 18.07 per cent in the same quarter of FY24.
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