Money & Banking

Bank of Maharashtra net profit jumps ₹264 crore in Q2

Our Bureau Mumbai | Updated on October 21, 2021

Deposits increased by 14.46 per cent yoy to ₹1,81,572 crore

Bank of Maharashtra reported a 107 per cent year-on-year jump in second quarter net profit at ₹264 crore against ₹130 crore in the year ago quarter.

Net interest income in the reporting quarter rose 34 per cent yoy at ₹1499 crore. Other income was up 23 per cent yoy at ₹493 crore.

Loan loss provisions jumped to ₹583 crore, including towards increase in provisions on account of implementation of resolution plans under RBI’s “Resolution Framework for COVID-19 related stress” (August 6, 2020 circular) against a write back of ₹4.55 crore in the year ago quarter.

Gross non-performing assets (GNPAs) declined by ₹618 crore during the quarter to ₹6403 crore.

GNPAs declined to 5.56 per cent of gross advances as at September-end 2021 against 6.35 per cent as at June-end 2021.

Net NPAs position also improved to 1.73 per cent of net advances against 2.22 per cent.

Deposits increased by 14.46 per cent yoy to ₹1,81,572 crore. Advances rose by 13.55 per cent yoy to ₹1,10,728 crore.

Published on October 21, 2021

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