Bank Of Maharashtra Net Profit Doubles To Rs 208 Crore In June Quarter

Bank of Maharashtra Q1 Results: The Pune-based public-sector lender's net profit jumped 104 per cent -almost two-folds to Rs 208 crore in the first quarter of the current fiscal

Bank Of Maharashtra Net Profit Doubles To Rs 208 Crore In June Quarter

Bank of Maharashtra's asset quality improved with GNPAs at 6.35 per cent

Bank of Maharashtra announced its April-June quarter results for the financial year 2021-22 on Thursday, July 22, reporting a net profit of Rs 208 crore on a standalone basis. The Pune-based public-sector lender's net profit jumped 104 per cent - almost two folds in the first quarter of the current fiscal as its profit stood at Rs 101.2 crore in the corresponding quarter last year. 

On a sequential basis, the state-run bank's net profit grew 26 per cent from Rs 165 crore in the preceding January-March quarter of the financial year 2020-21. The bank's asset quality improved in the quarter with gross non-performing assets (GNPAs) at 6.35 per cent by the end of June 2021, from 10.93 per cent in the year-ago quarter. The net NPAs - or bad loans reduced to 2.22 per cent during the June quarter, compared to 4.1 per cent in the same period last year.

The bank's net interest income (NII) -the difference between interest earned and interest expended, increased 29 per cent in the April-June quarter to Rs 1,406 crore, compared to Rs 1,088 crore in the corresponding quarter last year.

The net interest margin (NIM) in the June quarter rose to 3.05 per cent, compared to 2.43 per cent in the year-ago period.

Bank of Maharashtra's provision coverage ratio or PCR improved to 90.70 per cent during the quarter and it holds a cumulative COVID-19 provision including interest of Rs 973 crore. Under the Reserve Bank of India's resolution framework 2.0, the bank restructured Rs 1,487 crore of loans by the end of June 2021.

On Thursday, shares of Bank of Maharashtra settled 2.33 per cent lower at Rs 23.10 apiece on the BSE.