Bank of Maharashtra’s Q1 net profit jumps 47% to Rs Rs 1,293.5 cr; stock up 6%

Bank of Maharashtra on July 15 reported a significant increase in its Q1 net profit, which rose by 46.6 percent to Rs 1,293.5 crore, compared to Rs 882 crore in the same period last year, the lender said in an exchange filing.

The bank’s net interest income (NII) also saw a robust growth of 20 percent, reaching Rs 2,799 crore from Rs 2,340 crore year-on-year (YoY).

The shares of the bank jumped post the announcement, recording a 5.61 percent rise at Rs 68.73 on NSE at 13:55 pm.

The bank’s asset quality showed slight improvement, with gross non-performing assets (NPA) at 1.85 percent, down from 1.88 percent quarter-on-quarter (QoQ).

However, the Net NPA remained unchanged at 0.20 percent during the same period. In absolute terms, gross NPA stood at Rs 3,873 crore compared to Rs 3,833 crore in the previous quarter, while net NPA was Rs 415 crore against Rs 409 crore QoQ.

The provisions for the quarter were reported at Rs 950 crore, slightly up from Rs 942 crore in the preceding quarter.