Bank of Maharashtra's stock surged nearly 4% after reporting a 45% rise in net profit for the March quarter. The bank also saw a decline in bad loans and an increase in interest income.
New Delhi, Apr 26 (PTI) Shares of Bank of Maharashtra (BoM) on Friday climbed nearly 4 per cent after the company reported a 45 per cent jump in net profit for the March quarter.
The stock jumped 3.65 per cent to settle at Rs 67.62 per piece on the BSE. During the day, it advanced 6.37 per cent to Rs 65.24.
On the NSE, it rallied 3.67 per cent to Rs 67.65 apiece.
In volume terms, 41.88 lakh shares of the company were traded on the BSE and over 942.89 lakh shares on the NSE during the day.
State-owned BoM on Friday reported a 45 per cent jump in its net profit to Rs 1,218 crore for the March quarter, helped by a decline in bad loans and a rise in interest income.
The Pune-based lender had earned a net profit of Rs 840 crore in the year-ago period.
During the quarter, the bank's total income increased to Rs 6,488 crore as against Rs 5,317 crore a year ago, BoM said in a regulatory filing.
Interest income grew to Rs 5,467 crore during the period under review, from Rs 4,495 crore in the corresponding quarter a year ago.
On the asset quality side, the bank's Gross Non-Performing Assets (NPAs) were reduced to 1.88 per cent of gross advances as of March 31, 2024, from 2.47 per cent by the end of March 2023.
Net NPAs also came down to 0.20 per cent of the advances from 0.25 per cent at the end of 2024.
The fall in bad loans ratio helped cut the provisions towards NPAs for Q4FY24 to Rs 457 crore as compared with Rs 545 crore a year ago.
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