Bank of Maharashtra shares gain over 4 pc post Q1 earnings

In terms of volume, 31.55 lakh shares were traded on the BSE and 1.84 crore on the NSE. State-owned Bank of Maharashtra on Thursday reported a 24.69 per cent jump in its net profit at Rs 101 crore for June quarter helped by healthy interest income and lower operating cost.

Shares of Bank of Maharashtra gained over 4 per cent on Friday after the company reported a 24.69 per cent jump in its net profit for the June quarter. The scrip ended at Rs 12.37, up 4.21 per cent, on the BSE. During the day, it jumped 7.83 per cent to Rs 12.80.

On the NSE, the stock gained 4.21 per cent to settle at Rs 12.35. In terms of volume, 31.55 lakh shares were traded on the BSE and 1.84 crore on the NSE.

State-owned Bank of Maharashtra on Thursday reported a 24.69 per cent jump in its net profit at Rs 101 crore for June quarter helped by healthy interest income and lower operating cost. The lender had reported a profit after tax of Rs 81 crore in the year-ago quarter and Rs 58 crore in the quarter ended March 31, 2020.

The profit in June quarter was on account of growth in net interest income (NII) and reduction in operating cost, Bank of Maharashtra MD and CEO A S Rajeev said. NII increased to Rs 1,088 crore during the quarter from Rs 997 crore in the year-ago period. Gross non-performing asset (NPA) stood at 10.93 per cent as against 17.90 per cent while net NPA was at 4.10 per cent compared to 5.98 per cent.