Bank of Maharashtra profit doubles to Rs 535 cr in Q2 (File)
Bank of Maharashtra profit doubles to Rs 535 cr in Q2 (File)

Bank of Maharashtra profit doubles to Rs 535 cr in Q2

Bank of Maharashtra was able to reduce gross non-performing assets (NPAs) to 3.40 percent of the gross loans in September-end 2022 from 5.56 percent

New Delhi: State-owned Bank of Maharashtra (BoM) on Monday reported a two-fold jump in its net profit to Rs 535 crore in the September 2022 quarter, helped by a decline in bad loans. The lender had reported a standalone profit after tax of Rs 264 crore in the same quarter of the previous fiscal.

Total income increased to Rs 4,317 crore during the quarter under review against Rs 4,039 crore in the year-ago period, BoM said in a regulatory filing.

The lender was able to reduce gross non-performing assets (NPAs) to 3.40 percent of the gross loans in September-end 2022 from 5.56 percent a year ago.

Likewise, net NPAs or bad loans came down to 0.68 percent from 1.73 percent at the end of the second quarter of the previous fiscal.

(With PTI inputs)

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

Related Stories

No stories found.
logo
PSU Watch
psuwatch.com