Bank of Maharashtra Q2 profit jumps 41.5% as bad loans decline
Bank of Maharashtra posted a 41.5% year-on-year rise in Q2 net profit to Rs 2,310 crore, supported by stronger income, deposit and credit growth, improved asset quality and a return on assets of 2.02%.
Bank of Maharashtra reported a 41.5% jump in second quarter net profit at Rs 2,310 crore as compared with Rs 1,633 crore in the year ago period, backed by business growth and asset quality improvement.The bank's return on assets improved to 2.02 % for the second quarter from 1.82% a year prior."We are now in the 2% club and we will take steps to maintain RoA at 2% plus," managing director Nidhu Saxena said.The state-owned lender's operating profit stood 31% higher at Rs 3,369 crore against Rs 2,574 crore for the corresponding quarters, riding on 22% increase in net interest income at Rs 3,954 crore and 34% surge in non-interest income at Rs 1129 crore.The provision and contingencies were lower at Rs 654 crore for the quarter against Rs 756 crore a year prior even after making an additional Rs 500 crore provision as a preparation for the credit loss regime from next fiscal.Live EventsIts gross non-performing assets ratio improved to 1.25% at the end of September from 1.72% a year prior.
