Millennium Post

BoM net profit rises over two-fold at `208 cr in Q1

New Delhi: State-owned Bank of Maharashtra (BoM) on Thursday reported more than two-fold jump in its net profit at Rs 208.01 crore in first quarter ended June of this fiscal on healthy interest income and fall in bad loans.

The Pune-headquartered lender had posted net profit of Rs 101.02 crore in the same quarter of 2020-21.

Total income during Q1FY22 jumped to Rs 3,794.53 crore as against Rs 3,264.81 crore in Q1FY21, Bank of Maharashtra said in a regulatory filing.

Interest income during the quarter rose to Rs 3,103.55 crore as against Rs 2,896.24 crore in year ago period.

Bank's income from investment and from other sources was also higher in June quarter.

On asset front, there was significant improvement as the gross non-performing assets (NPAs) came down to 6.35 per cent of the gross advances as of June 31, 2021, as against 10.93 per cent by year ago period.

Net NPAs or bad loans were also trimmed at 2.22 per cent as against 4.10 per cent.

In value terms, the gross NPAs stood at Rs 7,021.63 crore as of June 30, 2021, down from Rs 10,558.53 crore as of June 2020. Net NPAs were of Rs 2,352.75 crore, down from Rs 3,677.39 crore.

Next Story
Share it