Bank of Maharashtra profit more than doubles to Rs 452 crore in Q1; stock jumps 5%

Bank of Maharashtra's net profit more than doubled to Rs 451.90 crore in the April-June quarter compared to Rs 208.01 crore in the year-ago quarter, the lender said on Monday.

Total income during April-June 2022-23 fell to Rs 3,774.32 crore from Rs 3,790.72 crore in the same quarter of 2021-22, the state-owned bank said in a regulatory filing.

The bank's asset quality improved with the gross non-performing assets falling to 3.74 per cent of the gross advances as of June 30, 2022, as against 6.35 per cent in the year-ago period.

In value terms, gross NPAs stood at Rs 5,259.62 crore by Q1FY23, down from Rs 7,021.63 crore by Q1FY22.

The net NPAs came down to 0.88 per cent (Rs 1,206.43 crore) from 2.22 per cent (Rs 2,352.75 crore).

Provisions for bad loans and contingencies for the quarter fell to Rs 548.41 crore from Rs 753.10 crore in the same quarter of FY22.

The Pune-based lender said there was an impact due to change in accounting policy, resulting in decrease in other income and net profit after tax by Rs 22.03 crore during the quarter ended June 30, 2022.

Provision coverage ratio (PCR) as of June 30, 2022 is 95.04 per cent, Bank of Maharashtra said.

Shares of the bank were trading higher by 4.66 per cent at Rs 16.85 apiece on BSE.