State-owned Bank of Maharashtra (BoM) reported more than a two-fold jump in profit at
Rs 775 crores in the quarter ended in December 2022
This was due to an increase in net interest income and improved asset quality, a statement said on Wednesday.
It said the Pune-headquartered public sector bank, which was eyeing a qualified institutional placement (QIP) of
Rs 500-1,000 crores in the fourth quarter, reported a net profit of Rs 325 crores in the year-ago period.
Gross advances rose by about 22 percent to
Rs 1, 56,962 crores. Within this, corporate advances grew by 25 percent; retail (23 percent), MSME (22 percent) and agriculture (9 percent).
Speaking about quarterly numbers, BoM Managing Director A.S. Rajeev said
the net profit surged by a 138.76 percent and operating profit showed a growth of 35.94 percent to
Rs 1,580 crores as against Rs 1,162 crores in the same quarter a year ago.
He said the bank aims to protect the profit growth in the current quarter and also maintain the Net Interest Margin (NIM) at the current level of 3.6 percent.