Bank of Maharashtra's Q2 net profit surges to Rs 535 crore

17 Oct 2022 , 02:55 PM

The drop in bad loans enabled the state-owned Bank of Maharashtra (BoM) record a two-fold increase in net profit for the September 2022 quarter to Rs535 crore on Monday. In the same quarter of the prior fiscal, the lender had generated a standalone profit after tax of Rs264 crore.

According to a regulatory statement by BoM, total revenue climbed to Rs4,317 crore during the quarter under review from Rs4,039 crore the year prior. Gross non-performing assets (NPAs) as a percentage of gross loans were lowered by the lender from 5.56 % in September-end 2021 to 3.40 % in September-end 2022. Similarly, net NPAs, or bad loans, decreased from 1.73 % at the end of the second quarter of the previous fiscal to 0.68 %.

For feedback and suggestions, write to us at [e-mail]