Bank of Maharashtra shares gain after Q1 earnings

Shares of Bank of Maharashtra gained 1.50 per cent on Tuesday after the firm reported a more than two-fold jump in net profit in the June quarter.The stock gained 1.50 per cent to settle at Rs 16.90 apiece on the BSE after a firm start in early trade.

Shares of Bank of Maharashtra gained 1.50 percent on Tuesday after the firm reported a more than two-fold jump in net profit in the June quarter.

The stock gained 1.50 percent to settle at Rs 16.90 apiece on the BSE after a firm start in early trade. During the day, it went higher by 2.10 percent to Rs 17.

On the NSE, it advanced 1.50 percent to Rs 16.90.

In volume terms, 9.05 lakh shares were traded on the BSE and 67.90 lakh shares on the NSE during the day.

On Monday, the state-owned Bank of Maharashtra reported a more than two-fold jump in net profit to Rs 452 crore in the April-June quarter, helped by a healthy net interest income and improvement in asset quality.

The lender had reported a net profit of Rs 208 crore on a standalone basis in the year-ago quarter of fiscal 2022.

Net Interest Income (NII) rose by 20 percent to Rs 1,686 crore as compared to Rs 1,406 crore in the first quarter of FY22.

Net Interest Margin (NIM) improved to 3.28 percent from 3.05 percent.

Asset quality of the bank saw improvement with Gross Non-Performing Assets (GNPAs) easing to 3.74 percent from 6.35 percent. Net NPAs also fell to 0.88 percent from 2.22 percent.