 "Bank of Maharashtra Q2 results: Profits up 71% YoY, NPA down 2.19%")
State-owned Bank of Maharashtra (BoM) has announced a profit of 71.8 per cent at Rs 919 crore year on year (Y-o-Y) at the end of the July-September quarter (Q2) for the financial year 2023-24 (FY24) in its consolidated results. The announcement came through a regulatory filing on BSE on Monday.
Last year, the bank recorded a profit of Rs 4,317 crore for the same period. The total income for this quarter also went up 32.8 per cent Y-o-Y at Rs 5,735 crore from Rs 4,317 crore.
Compared to the previous quarter that ended in March, profits rose by 4.2 per cent from Rs 882 crore, and income rose by 5.86 per cent from Rs 5,417 crore.
Net Interest Income (NII) went up 28.9 per cent to Rs 2,432 crore from Rs1,887 crore, Y-o-Y.
Gross non-performing assets (NPA) are down to 2.19 per cent in Q2FY24. Last year, during the same period, it was 3.40 per cent. Net NPA declined to 0.23 per cent at the end of the latest quarter compared to Q2FY23, when it stood at 0.68 per cent. In Q1FY24, gross NPA stood at 2.28 per cent and net NPA at 0.24 per cent.
Operating costs have gone up by 27 per cent compared to the same period last year at Rs 1,179 crore from Rs 927 crore. Quarter-on-quarter, it was a marginal growth of 6.67 per cent from Rs 1,105 crore.