Bank of Maharashtra shares climb over 1% after Q2 performance

Shares of Bank of Maharashtra (BoM) on Monday climbed over 1 per cent after the company posted a 72 per cent jump in net profit for the September quarter.

The stock advanced 1.26 per cent to settle at Rs 47.42 apiece on the BSE. During the day, it climbed 2.49 per cent to Rs 48.

On the NSE, it gained 1.38 per cent to end at Rs 47.45 per piece.

In volume terms, 48.35 lakh shares of the company were traded on the BSE and over 4.94 crore shares on the NSE during the day.

Bank of Maharashtra on Monday posted a 72 per cent jump in net profit at Rs 920 crore for the September quarter, aided by a decline in bad loans and a rise in interest income.

The lender had reported a standalone profit of Rs 535 crore in the year-ago period.

Total income increased to Rs 5,796 crore during the quarter under review, against Rs 4,317 crore in the same period last year, BoM said in a regulatory filing.

The bank earned interest income of Rs 5,068 crore during the quarter, compared to Rs 3,815 crore in the same period a year ago.

The bank was able to reduce gross Non-Performing Assets (NPAs) to 2.19 per cent of the gross loans by the end of September 2023, from 3.40 per cent a year ago.

Likewise, net NPAs or bad loans came down to 0.23 per cent, from 0.68 per cent at the end of the second quarter of the previous fiscal.