Bank of Maharashtra Q3 profit more than doubles to ₹775 crore

State-run Bank of Maharashtra (BoM) on Monday reported a two-fold jump in its standalone profit after tax (PAT) at Rs 775 crore in the quarter that ended December 2022 due to improved asset quality. The Pune-based bank had posted a net profit of Rs 325 crore in the same quarter a year ago.

The bank's total income increased to Rs 4,770 crore in the latest December quarter from Rs 3,893 crore in the year-ago period, BoM said in a regulatory filing.

On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 2.94 per cent, as compared to 4.73 per cent at the end of the third quarter of the previous fiscal.

At the same time, net NPAs eased below 1 per cent to 0.47 per cent, as against 1.24 per cent in the same period a year ago.

The capital adequacy ratio rose to 17.53 per cent in the December quarter as against 14.85 per cent.

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