Bank of Maharashtra shares jump nearly 5 pc as Q3 profit more than doubles

Shares of Bank of Maharashtra on Monday rallied nearly 5 per cent after the company reported a two-fold jump in its standalone profit after tax in the quarter ended December 2022.

On the BSE, shares of the company climbed 4.26 per cent to settle at Rs 33.05 each. During the day, it jumped 8.51 per cent to Rs 34.40.

The stock advanced 4.73 per cent to end at Rs 33.20 apiece on the NSE.

On volume terms, 94.43 lakh shares of the firm were traded on the BSE and over 12.19 crore shares on the NSE during the day.

On Monday, state-owned Bank of Maharashtra (BoM) reported a two-fold jump in its standalone Profit After Tax (PAT) at Rs 775 crore in the quarter ended December 2022 due to 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, it said in a regulatory filing.

On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 2.94 per cent, as compared to 4.73 per cent at the end of third quarter of previous fiscal.

At the same time, net NPAs eased below 1 per cent to 0.47 per cent, as against 1.24 per cent in the same period a year ago.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)