Bank of Maharashtra shares rallied nearly 6% after reporting a 47% jump in net profit for the June quarter. The rise was driven by a decline in bad loans and improved interest income.
New Delhi, Jul 15 (PTI) Shares of Bank of Maharashtra on Monday rose nearly 6 per cent after the firm reported 47 per cent jump in net profit for June quarter FY25.
The stock rallied 5.67 per cent to settle at Rs 68.75 on the BSE. During the day, it surged 7.11 per cent to Rs 69.69.
At the NSE, it climbed 5.56 per cent to Rs 68.70.
The company's market valuation surged by Rs 2,613.03 crore to Rs 48,684.44 crore.
Bank of Maharashtra 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.
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