After Q1 earnings, shares of Bank of Maharashtra increase by more than 2%

19 Jul 2022 , 02:07 PM

Tuesday morning trading saw a more than 2% increase in Bank of Maharashtra shares as the company reported a more than doubling of net profit for the April-June quarter. After a strong start in the opening minutes of trading, the stock increased 1.80% to Rs16.95 on the BSE.
It increased 2.10% to Rs17 at the NSE.

The state-run Bank of Maharashtra announced on Monday that its net profit for the April-June quarter increased by more than double to Rs452 crore, thanks to strong net interest income and an improvement in asset quality.

In the previous quarter of fiscal 2022, the lender had reported a net profit of Rs208 crore on a standalone basis.

In comparison to the first quarter of FY22, when net interest income (NII) was Rs1,406 crore, it increased by 20% to Rs1686 crore.
The Net Interest Margin (NIM) increased from 3.05 to 3.28%.