Bank of Maharashtra net profit jumps over two-fold at Rs 264 crore in September quarter

State-owned Bank of Maharashtra on Thursday posted over two-fold jump in its consolidated net profit at Rs 264 crore in the second quarter ended September.

The bank had posted a net profit of Rs 130.44 crore in the corresponding quarter of the previous financial year.

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Total income of the bank during the July-September period rose to Rs 3,700.44 crore from Rs 3,270.07 crore in the year-ago period, Bank of Maharashtra said in a regulatory filing.

The bank's asset quality improved as the gross non-performing assets (NPAs) fell to 5.56 per cent of the gross advances as of September 30, 2021, as against 8.81 per cent in the year-ago period.

Net NPAs (bad loans) also fell to 1.73 per cent from 3.30 per cent.

In absolute value, the gross NPAs fell to Rs 6,403.17 crore from Rs 9,105.44 crore. Net NPAs were down at Rs 1,910.31 crore as against Rs 3,219.90 crore.

However, the lender kept a higher amount as provisions for bad loans and contingencies at Rs 515.60 crore for the September 2021 quarter as against Rs 371.65 crore in the year-ago quarter.

Shares of Bank of Maharashtra traded at Rs 21.95 apiece on BSE, up 4.77 per cent over the previous close.