Bank of Maharashtra shares jump over 2% after strong Q1 earnings

Shares of Bank of Maharashtra climbed over 2 per cent in morning trade on Tuesday after the firm reported a more than two-fold jump in net profit in the April-June quarter.

The stock gained 1.80 per cent to Rs 16.95 on the BSE after a firm start in early trade.

At the NSE, it advanced 2.10 per cent to Rs 17.

State-run Bank of Maharashtra on Monday reported a more than two-fold jump in net profit to Rs 452 crore in the April-June quarter, helped by a healthy net interest income and improvement in asset quality.

The lender had reported a net profit of Rs 208 crore on a standalone basis in the year-ago quarter of the fiscal 2022.

Net interest income (NII) rose by 20 per cent to Rs 1,686 crore, as compared to Rs 1,406 crore in the first quarter of FY22.

Net interest margin (NIM) improved to 3.28 per cent from 3.05 per cent.

Asset quality of the bank saw improvement with gross non-performing assets (GNPAs) easing to 3.74 per cent from 6.35 per cent. Net NPAs also fell to 0.88 per cent from 2.22 per cent.