Bank of Maharashtra (BoM) reported a 34 per cent year-on-year (y-o-y) increase in third quarter net profit at ₹1035.51 crore on the back of healthy growth in net interest income, steady other income, and sharp decline in tax expenses.

The growth in bottomline comes despite the Pune-headquartered public sector bank’s provisions and contingencies (other than taxes) rising 62 per cent y-o-y to ₹943 crore (₹582 crore in the year ago quarter).

The bank had reported a net profit of ₹775 crore in the year ago quarter.

Net interest income (difference between interest earned and interest expended) was up 24.55 per cent y-o-y at ₹2,466 crore (₹1,980 crore in the year ago quarter).

Other income, including fee-based income, treasury income and recovery in written-off accounts, rose about 6 per cent y-o-y to ₹680 crore (₹641 crore).

Net interest margin rose to 3.95 per cent in the reporting quarter against 3.60 per cent in the year ago quarter.

Tax expenses declined sharply to ₹34 crore (₹223 crore).

Gross non-performing assets (GNPAs) position improved to 2.04 per cent of gross advances as at December-end 2023 against 2.19 per cent as at September-end 2023. Net NPAs position too improved a shade to 0.22 per cent of net advances against 0.23 per cent.

Within overall provisions, NPA provisions increased about 8 per cent yoy to ₹581 crore (₹539 crore).

Gross advances increased by 21 per cent yoy to ₹1,85,217 crore as at December-end 2023.

Total deposits rose by 18 per cent y-o-y to stand at ₹2,45,734 crore as at December-end 2023.

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