Bank of Maharashtra Beats Estimates: Q3 Profit Exceeds 1,000 Crore

16 Jan 2024 , 12:48 PM

The state-owned Bank of Maharashtra (BoM) reported a 34% increase in profits for the third quarter that concluded in December 2023, with a total of Rs 1,036 crore.

In the same quarter last year, the Pune-based institution reported a net profit of Rs 775 crore.

According to a regulatory filing from BoM, total income rose to Rs 5,851 crore in the quarter under review from Rs 4,770 crore in the same period the previous year.

During the quarter, the bank’s interest income was Rs 5,171 crore, up from Rs 4,129 crore during the same period last year.

The bank managed to lower gross Non-Performing Assets (NPAs) from 2.94% of gross loans one year ago to 2.04% of loans by the end of December 2023.

Similarly, net NPAs or bad loans came down to 0.22% from 0.47% at the end of the third quarter of the previous fiscal.

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