
Bank of Maharashtra (BoM), a government-owned bank, reported a significant increase in its profit for the third quarter ending December 2023.
Profits Surge by 34%
The bank’s profit rose by 34%, reaching Rs 1,036 crore, compared to Rs 775 crore in the same quarter of the previous year.
Robust Total Income Growth
BoM’s total income witnessed a substantial growth, reaching Rs 5,851 crore for the reviewed quarter, up from Rs 4,770 crore in the corresponding period last year.
Increased Interest Income
The bank’s interest income also showed positive growth, reaching Rs 5,171 crore in the current quarter compared to Rs 4,129 crore in the same period the previous year.
Improvement in Asset Quality
BoM successfully reduced its gross Non-Performing Assets (NPAs) from 2.94% to 2.04% of the gross loans by the end of December 2023.
Decline in Net NPAs
Similarly, the bank saw a decline in net NPAs or bad loans, which decreased from 0.47% to 0.22% at the end of the third quarter compared to the previous fiscal year.
In summary, Bank of Maharashtra showcased strong financial performance, with notable increases in profit, total income, and interest income, alongside improvements in asset quality by reducing both gross and net NPAs.
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