Bank reported 45% jump in net profit to Rs1,218 crore for Q4
New Delhi: Shares of Bank of Maharashtra (BoM) on Friday climbed nearly 4 per cent after the company reported a 45 per cent jump in net profit for the March quarter.
The stock jumped 3.65 per cent to settle at Rs67.62 per piece on the BSE. During the day, it advanced 6.37 per cent to Rs65.24.
On the NSE, it rallied 3.67 per cent to Rs67.65 apiece.
In volume terms, 41.88 lakh shares of the company were traded on the BSE and over 942.89 lakh shares on the NSE during the day.
State-owned BoM on Friday reported a 45 per cent jump in its net profit to Rs1,218 crore for the March quarter, helped by a decline in bad loans and a rise in interest income.
The Pune-based lender had earned a net profit of Rs840 crore in the year-ago period.
During the quarter, the bank’s total income increased to Rs6,488 crore as against Rs5,317 crore a year ago, BoM said in a regulatory filing.
Interest income grew to Rs5,467 crore during the period under review, from Rs4,495 crore in the corresponding quarter a year ago.
On the asset quality side, the bank’s Gross Non-Performing Assets (NPAs) were reduced to 1.88 per cent of gross advances as of March 31, 2024, from 2.47 per cent by the end of March 2023.
Net NPAs also came down to 0.20 per cent of the advances from 0.25 per cent at the end of 2024.
The fall in bad loans ratio helped cut the provisions towards NPAs for Q4FY24 to Rs457 crore as compared with Rs545 crore a year ago.
