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-based bank had posted a net profit of Rs 325 crore in the same quarter a year ago.
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.
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 per cent.
Net Interest Income (NII) of the bank grew by 29.65 per cent on a year-on-year basis to Rs 1,980 crore as against Rs 1,527 crore in the third quarter of the previous fiscal.
The bank's total income increased to Rs 4,770 crore in the latest December quarter from Rs 3,893 crore in the year-ago period.
On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 2.94 per cent, as compared to 4.73 per cent at the end of third quarter of previous fiscal.
At the same time, net NPAs eased below 1 per cent to 0.47 per cent, as against 1.24 per cent in the same period a year ago.
As a result, provisions for bad loans declined to Rs 539 crore as against Rs 587 crore during the same quarter a year ago.
He also said that the bank would maintain gross NPA below 3 per cent while net NPA below 0.5 per cent.