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Bank of Maharashtra’s net profit doubles to Rs 264 crore in July-September quarter

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Shares of Bank of Maharashtra closed 4.77 per cent higher at Rs 21.95 on the BSE.

Bank of Maharashtra on Thursday announced the results for the July-September quarter for the financial year 2021-22, reporting a net profit of Rs 264 crore on a consolidated basis, as against a growth of Rs 130.44 crore in the corresponding period of the previous year. was done. Percentage from year to year. The bank’s net profit doubled in the second quarter of the current fiscal, mostly driven by net interest income and better overall business.

The state-run lender’s net interest income (NII) – the difference between interest earned and interest earned, rose 33.84 per cent to Rs 1,500 crore in the September quarter, as against Rs 1,120 crore in the year-ago period. Net interest income was 6.66 per cent on a quarter-on-quarter basis.

The bank’s total income rose to Rs 3,700.44 crore during the July-September quarter as against Rs 3,270.07 crore in the corresponding period of last year.

Asset quality improved as gross non-performing assets (NPAs) fell to 5.56 per cent of gross advances in the September quarter, as against 8.81 per cent in the year-ago period. Net NPAs or bad loans also declined to 1.73 per cent from 3.30 per cent.

On Thursday, October 21, shares of Bank of Maharashtra closed 4.77 per cent higher at Rs 21.95 on the BSE. Bank of Maharashtra opened at Rs 21.10 on BSE during the entire trading session today, with an intraday high of Rs 22.80 and an intraday low of Rs 21.05. The bank gained nearly five per cent during the session ahead of the announcement of quarterly results.

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