Bank of Maharashtra reported a substantial 47% increase in Q1 net profit to Rs 1,293.5 crore, boosted by a 20% growth in net interest income which reached Rs 2,799 crore. The stock rose 6% following these results.
Year-on-year, the bank’s net profit surged from Rs 882 crore, demonstrating strong financial performance. This was announced on July 15th, according to a filing with the exchange.
The bank’s shares climbed 5.61%, hitting Rs 68.73 on the NSE by midday, reflecting positive investor sentiment.
Asset quality showed improvement, with gross non-performing assets dropping slightly to 1.85%. Net NPA remained stable at 0.20%.
The bank allocated Rs 950 crore for provisions this quarter, a minor increase from Rs 942 crore in the previous quarter, indicating prudent financial management.