Bank of Maharashtra Q3 profit jumps 34% to Rs 1,036 crore

NEW DELHI: 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.