Bank of Maharashtra net profit jumps over two-fold at Rs 208 crore in June quarter

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Bank of Maharashtra on Thursday reported more than two-fold jump in its net profit at Rs 208.01 crore in first quarter ended June of this fiscal. The Pune-headquartered lender had posted net profit of Rs 101.02 crore in the same quarter of 2020-21.

Total income during Q1FY22 jumped to Rs 3,794.53 crore as against Rs 3,264.81 crore in Q1FY21,  the state-owned lender said in a regulatory filing.

Interest income during the quarter rose to Rs 3,103.55 crore as against Rs 2,896.24 crore in year ago period. Bank’s income from investment and from other sources was also higher in June quarter.

On the asset front, there was a significant improvement as the gross non-performing assets (NPAs) came down to 6.35% of the gross advances as of June 31, 2021, as against 10.93% by year-ago period. Net NPAs or bad loans were also trimmed at 2.22% as against 4.10%.

In value terms, the gross NPAs stood at Rs 7,021.63 crore as of June 30, 2021, down from Rs 10,558.53 crore as of June 2020. Net NPAs were of Rs 2,352.75 crore, down from Rs 3,677.39 crore.

Provisions for bad loans and contingencies were higher at Rs 650.44 crore for the quarter as against Rs 608.94 crore parked aside for June 2020 quarter.