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.
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.
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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.
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