Bank of Maharashtra reports Q4 profit of Rs 840 crore

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State-owned Bank of Maharashtra (BoM) on Monday reported net profit of Rs 840 crore for the March quarter, helped by a decline in bad loans and a rise in interest income.

During the quarter, the bank’s total income increased to Rs 5,317 crore as against Rs 3,949 crore a year ago, BoM said in a regulatory filing.

Interest income grew to Rs 4,495 crore during the period under review, from Rs 3,426 crore in the corresponding quarter a year ago.

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The bank’s board has recommended a dividend of Rs 1.30 per share or 13 per cent of Rs 10 face value out of the net profits for the year ended March 31, 2023.

Gross Non-Performing Assets (NPAs) were reduced to 2.47 per cent of gross advances as of March 31, 2023 from 3.94 per cent by the end of March 2022.

Net NPAs also came down to 0.25 per cent of the advances from 0.97 per cent at the end of 2022.

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The fall in bad loans ratio helped cut the provisions towards NPAs for Q4FY23 to Rs 545 crore as compared with Rs 568 crore a year ago.

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