Bank Of Maharashtra Q3 Profit More Than Doubles To Rs 775 Crore
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.
State-run Bank of Maharashtra Ltd. on Monday reported a two-fold jump in its standalone profit after tax at Rs 775 crore in the quarter ended Dec. 2022 due improved asset quality.
The Pune-based bank had posted a net profit of Rs 325 crore in the same quarter a year ago.
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, Bank of Maharashtra said in a regulatory filing.
On the asset quality front, the bank recorded an improvement with gross NPAs declining to 2.94%, as compared to 4.73% at the end of third quarter of previous fiscal.
At the same time, net NPAs eased below 1% to 0.47%, as against 1.24% in the same period a year ago.
The capital adequacy ratio rose to 17.53% in the December quarter as against 14.85%.