Bank of Maharashtra Q2 profit doubles to Rs 535 crore

Mumbai (Maharashtra) [India], October 17 (ANI): The Bank of Maharashtra posted a 103 per cent year-on-year growth in its net profit to Rs 535 crore during the quarter ended September 30, against Rs 264 crore in the year-ago period. The Bank said the growth was on the back of an improvement in its net interest margin (NIM).
The Pune-based bank’s net interest income (NII) was up 25.84 per cent y-o-y in Q2FY23 to Rs 1,887 crore. The bank’s NIM improved to 3.55 per cent in Q2FY23 from 3.27 per cent in Q2FY22.
Managing Director and CEO A S Rajeev in a media interaction said that the margins would remain steady and be around 3.5 per cent for the financial year 2022-23 (FY23).
The bank’s asset quality profile improved with gross non-performing assets (GNPAs) at 3.4 per cent till September 2022, as against 5.56 per cent in the previous year. Net NPAs declined to 0.68 per cent from 1.73 per cent in the previous year.

The bank said it expects to transfer 2-3 of its loans to National Asset Reconstruction Company (NARCL) in the current quarter and recover about Rs 170 crore. (ANI)