Bank of Maharashtra Q3 Profit Rises 34% to Rs 1,036 Crore
By Rediff Money Desk, NEWDELHI Jan 16, 2024 12:06
Bank of Maharashtra's profit surged by 34% in the third quarter of FY2023-24, reaching Rs 1,036 crore. The bank also saw an increase in total income and a decline in bad loans.
New Delhi, Jan 16 (PTI) State-owned Bank of Maharashtra (BoM) on Tuesday posted a 34 per cent rise in its profit at Rs 1,036 crore in the third quarter ended December 2023.
The Pune-based lender had posted a net profit of Rs 775 crore in the same quarter a year ago.
Total income increased to Rs 5,851 crore during the quarter under review against Rs 4,770 crore in the same period last year, BoM said in a regulatory filing.
The bank earned an interest income of Rs 5,171 crore during the quarter compared to Rs 4,129 crore in the same period a year ago.
The bank was able to reduce gross Non-Performing Assets (NPAs) to 2.04 per cent of the gross loans by the end of December 2023 from 2.94 per cent a year ago.
Similarly, net NPAs or bad loans came down to 0.22 per cent from 0.47 per cent at the end of the third quarter of the previous fiscal.
The Pune-based lender had posted a net profit of Rs 775 crore in the same quarter a year ago.
Total income increased to Rs 5,851 crore during the quarter under review against Rs 4,770 crore in the same period last year, BoM said in a regulatory filing.
The bank earned an interest income of Rs 5,171 crore during the quarter compared to Rs 4,129 crore in the same period a year ago.
The bank was able to reduce gross Non-Performing Assets (NPAs) to 2.04 per cent of the gross loans by the end of December 2023 from 2.94 per cent a year ago.
Similarly, net NPAs or bad loans came down to 0.22 per cent from 0.47 per cent at the end of the third quarter of the previous fiscal.
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