Money & Banking

Bank of Maharashtra Q2 profit rises to ₹130 crore

Our Bureau Mumbai | Updated on October 19, 2020

Bank of Maharashtra reported a 13 per cent increase in standalone net profit at ₹130 crore in the second quarter ended September 30, 2020 against ₹115 crore in the year ago quarter.

Net interest income edged up 4 per cent year-on-year (yoy) to ₹1,121 crore (₹1,073 crore in the year ago period).

Other income was up 14 per cent at ₹451 crore (₹396 crore).

Operating profit increased 7 per cent to ₹806 crore (₹752 crore).

The bank made Covid-related provisions of ₹500 crore in the reporting quarter. Loan loss provisions, however, were sharply lower at ₹43 crore (₹404 crore).

Gross non-performing assets position improved to 8.81 per cent of gross advances from 10.93 per cent in the preceding quarter. Net non-performing assets too improved to 3.30 per cent of net advances from 4.10 per cent.

Published on October 19, 2020

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