Bank Of Maharashtra Profit Doubles To Rs 264 Crore In September Quarter
Bank of Maharashtra announced its July-September quarter results for the financial year 2021-22 on Thursday, reporting a net profit of Rs 264 crore on a consolidated basis, compared to Rs 130.44 crore in the corresponding period last year, marking a growth of 103 per cent year-on-year. The bank's net profit doubled in the second quarter of the current fiscal, mostly driven by net interest income and better overall business.Â
The state-run lender's net interest income (NII) -the difference between interest earned and interest expended, grew by 33.84 per cent to Rs 1,500 crore in the September quarter, compared to Rs 1,120 crore in the year-ago period. Net interest income was up 6.66 per cent on a quarter-on-quarter basis.
The bank's total income during the July-September quarter rose to Rs 3,700.44 crore, compared to Rs 3,270.07 crore in the corresponding period last year, according to a regulatory filing by Bank of Maharashtra to the stock exchanges today.Â
The asset quality improved as the gross non-performing assets (NPAs) fell to 5.56 per cent of the gross advances as of the September quarter, compared to 8.81 per cent in the year-ago period. The net NPAs or bad loans also declined to 1.73 per cent from 3.30 per cent.
The bank's net revenues - net interest income plus other income for the September quarter improved 30.88 per cent to Rs 1,992 crore, compared to Rs 1,522 crore in the year-ago period.
On Thursday, October 21, shares of Bank of Maharashtra settled 4.77 per cent higher at Rs 21.95 apiece on the BSE. Bank of Maharashtra opened on the BSE at Rs 21.10, swinging to an intra day high of Rs 22.80 and an intra day low of Rs 21.05, throughout the trading session today. The bank's rallied around five per cent during the session ahead of the announcement of quarterly results.Â
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
