Bank of Maharashtra's net profit jumps 117.24% to Rs 451.9 crore in Q1

Lender eyeing equity offering of Rs 1,000 cr in second half of FY23

Bank of Maharashtra’s net profit jumped 117.24 per cent year-on-year (YoY) to Rs 451.9 crore in the quarter ended June (Q1FY23) on the back of improvement in its net interest margins (NIMs).

The Pune-based public sector lender had posted a net profit of Rs 208.01 crore during the same period last year (Q1FY22). Sequentially, its net profit grew 27.22 per cent from Rs 355.2 crore in Q4FY22.

The bank’s stock closed 3.73 per cent higher at Rs 16.7 per share on BSE on Monday.

Its net interest income (NII) rose by 19.9 per cent in Q1FY23 to Rs 1,685.7 crore