Bank of Maharashtra reported a 117.25% growth in net profit for the first quarter ended June 30 to ₹452 crore following improvement in performance and a rise in net interest income. Its operating profit improved to ₹1,202 crore from ₹1,107 crore a year earlier.
Net Interest Income (NII) increased 19.9% to ₹1,686 crore and net Interest margin (NIM) improved to 3.28%.
The bank’s gross advances grew 27.1% to ₹1,40,561 crore. Net advances grew 28.9% to ₹1,36,497 crore.
The retail, agri and MSME business climbed 22.7%. Retail advances grew 25.1% to ₹36,117 crore. MSME advances rose 20.34% to ₹26,121 crore, the bank said.
Total business expanded 18.07% to ₹3,36,470 crore and total deposits rose 12.35% at ₹1,95,909 crore. During the quarter, provisions towards NPA fell 27.18% to ₹548 crore compared with ₹753 crore a year earlier.
Gross NPA improved to 3.74% against 6.35% while net NPA improved to 0.88% against 2.22% a year earlier, the bank said.
