Bank of Maharashtra Q3 profit more than doubles to Rs 325 cr

State-owned Bank of Maharashtra (BoM) on Thursday reported an over two-fold increase in net profit at Rs 325 crore for the third quarter ended December 2021, helped by a decline in bad loans.

The Pune-based lender had posted a net profit of Rs 154 crore in the same quarter a year ago.

The total income of the bank rose to Rs 3,893 crore in the latest December quarter from Rs 3,582 crore in the year-ago period, BoM said in a statement.

The Net Interest Income (NII) grew 17 percent to Rs 1,527 crore during the quarter under review. The same was at Rs 1,306 crore for the third quarter of the previous fiscal.

On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 4.73 percent or Rs 6,104.65 crore in the 2021 December quarter from 7.69 percent or Rs 8,072.43 crore in the year-ago period.

Similarly, net NPAs eased to 1.24 percent or Rs 1,545 crore as against 2.59 percent or Rs 2,579 crore in the same period a year ago.

However, the total provision other than tax rose to Rs 752 crore as against Rs 502 crore at the end of the third quarter previous fiscal.

The provision coverage ratio improved to 94 percent as of December 31, 2021, against 90 percent at the end of the third quarter previous fiscal, the lender said.

Net Interest Margin (NIM) improved to 3.11 percent at the end of the third quarter of the current fiscal.

The capital adequacy ratio increased to 14.85 percent in the latest December quarter as against 13.65 percent.