Bank of Maharashtra Q1 net doubles to Rs 208 cr, major improvement in NPAs

NII up 29% in Q1FY22 to Rs 1,406 crore; NIM rises to 3.05% from 2.43% a year ago

Bank of Maharashtra's net profit rose by 106 per cent to Rs 208 crore in the first quarter ended June 2021 (Q1FY22) on the back of improvement in net interest margins.

The Pune-based public sector lender, had posted a net profit of Rs 101 crore during the same quarter last year (Q1FY21). Sequentially, net profit grew by 26 per cent from Rs 165 crore in the quarter ended March 2021 (Q4Fy21).

Ahead of the result, the Bank's stock closed 1.9 per cent lower at Rs 23.2 per share on BSE.

Its net interest income (NII) rose by 29 per cent