Bank of Maharashtra Q3 profit more than doubles to Rs 775 cr


PTI | New Delhi | Updated: 16-01-2023 13:37 IST | Created: 16-01-2023 13:29 IST
Bank of Maharashtra Q3 profit more than doubles to Rs 775 cr
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State-run Bank of Maharashtra (BoM) on Monday reported a two-fold jump in its standalone profit after tax (PAT) at Rs 775 crore in the quarter ended December 2022 due 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, BoM 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.

The capital adequacy ratio rose to 17.53 per cent in the December quarter as against 14.85 per cent.

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

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