State-owned Bank of Maharashtra (BoM) on Monday reported more than two-fold jump in its profit at Rs 775 crore in the quarter ended December 2022 due to increase in net interest income and improved asset quality.
The Pune-headquartered public sector bank, which is eyeing a qualified institutional placement (QIP) of Rs 500-1,000 crore in the fourth quarter, reported a net profit of Rs 325 crore in the year-ago period.
Gross advances rose by about 22 per cent y-o-y to Rs 1,56,962 crore. Within this, corporate advances grew by 25 per cent; retail (23 per cent), MSME (22 per cent) and agriculture (9 per cent).
Total deposits increased by about 12 per cent to Rs 2,08,436 crore as of December-end 2022. Within total deposits, the proportion on low-cost current account, savings account deposits stood at 52.50 per.
Speaking about quarterly number, BoM managing director A S Rajeev said the net profit surged by a 138.76 per cent and operating profit has shown a growth of 35.94 per cent to Rs 1,580 crore as against Rs 1,162 crore in the same quarter a year ago.